scholarly journals Financial Inclusion and the Goal of Distributive Justice in Islamic Economics

2021 ◽  
pp. 66-77
Author(s):  
Suziraha Dzulkepli ◽  
Mohd Nizam Barom
Keyword(s):  
Distributive Justice ◽  
Financial Services ◽  
Risk Sharing ◽  
Theoretical Foundation ◽  
Well Being ◽  
Financial Inclusion ◽  
Wealth Concentration ◽  
2030 Agenda ◽  
Economic Well Being

The unprecedented level of income inequality and wealth concentration throughout the world today has pose a foremost challenge in the efforts towards realising inclusive and sustainable development. One of the means to achieve this 2030 Agenda that has been strongly promoted by the international community is through the concept of financial inclusion. The dimensions of financial inclusion, which include access, usage and quality of financial services for all have been demonstrated to have positive impacts on increasing the ability of the poor and underprivileged groups to improve their economic well-being. Additionally, the literature has also identified two additional financial inclusion features of Islamic finance namely risk-sharing and redistribution, which can further contribute to the goal of distributive justice as aspired in Islamic economics. Nevertheless, despite the numerous works on financial inclusion and distributive justice in the literature of Islamic economics and finance, a specific framework to link financial inclusion with the goal of distributive justice is still absent in the literature.  Therefore, the objective of this paper is to conceptualize a framework that links the dimensions of financial inclusion with the three phases of realising distributive justice, i.e. pre-production, post-production, and redistribution. This conceptual framework provides the necessary theoretical foundation and operational guideline for the promotion of financial inclusion as part of the efforts towards realising the goal of distributive justice in Islamic economics.

Financial Inclusion and Quality of Life: Empirical Evidences from Indian States with Special Reference to West Bengal

2021 ◽  
pp. 0258042X2110261
Author(s):  
Avisek Sen ◽  
Arindam Laha
Keyword(s):  
Quality Of Life ◽  
Human Development ◽  
Financial Literacy ◽  
Financial Services ◽  
West Bengal ◽  
Well Being ◽  
Financial Inclusion ◽  
Indian States ◽  
The Relationship

The conceptual connection between financial inclusion and quality of life (QOL) can be realized by a two-way relationships. On the one hand, financial inclusion induces QOL, while an improvement in QOL facilitates in generating demand for financial services, on the other hand. Even though several studies seek to find out the role of finance in the well-being of the population (especially human development), this article concentrates on QOL to eliminate the financial attributes of development (as captured by income dimension in Human Development Index). In this sense, this study addresses the research gap in the existing literature by establishing the relationship between financial inclusion and QOL. Specifically, the article attempts to explain the two-way tie-up between the financial inclusion and the QOL in India in the context of Indian states, in general, and West Bengal, in particular. Canonical correlation (CC; a multivariate data analysis technique) is used to estimate the relation between the financial inclusion and QOL. Empirical results suggest that western and the southern Indian states excel in the attainment of education, health and other amenities-based indicators of QOL. The conditions of the eastern part of the country in case of financial inclusion and the QOL are not at all satisfactory. In case of West Bengal, Kolkata being the state capital is performing well in both the factors. CC results suggest a significant association between the financial inclusion and QOL across Indian states. The deposit account of financial inclusion indicator and the infant survival rate of QOL indicator are playing a pivotal role in the relationship (both the Indian states and districts of West Bengal as well). This article establishes the effectiveness of the demand following approach of financial inclusion than that of supply leading approach. As the demand-side aspect of financial inclusion is becoming more important to the policymakers, the next policy priority of financial inclusion measures could be the generation of awareness on the financial services through financial literacy. JEL Codes: G2, O15, C39

Strategic threats to energy security as risks of quality of people's life

2020 ◽  
Vol 16 (4) ◽  
pp. 730-744
Author(s):  
V.I. Loktionov
Keyword(s):  
Quality Of Life ◽  
Energy Security ◽  
Well Being ◽  
Scientific Methods ◽  
Analysis And Synthesis ◽  
General Scientific ◽  
And Performance ◽  
Economic Well Being ◽  
The Way

Subject. The article reviews the way strategic threats to energy security influence the quality of people's life. Objectives. The study unfolds the theory of analyzing strategic threats to energy security by covering the matter of quality of people's life. Methods. To analyze the way strategic threats to energy security spread across cross-sectoral commodity and production chains and influences quality of people's living, I applied the factor analysis and general scientific methods of analysis and synthesis. Results. I suggest interpreting strategic threats to energy security as risks of people's quality of life due to a reduction in the volume of energy supply. I identified mechanisms reflecting how the fuel and energy complex and its development influence the quality of people's life. The article sets out the method to assess such quality-of-life risks arising from strategic threats to energy security. Conclusions and Relevance. In the current geopolitical situation, strategic threats to energy security cause long-standing adverse consequences for the quality of people's life. If strategic threats to energy security are further construed as risk of quality of people's life, this will facilitate the preparation and performance of a more effective governmental policy on energy, which will subsequently raise the economic well-being of people.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

Confidence in the future as an economic development factor

2021 ◽  
pp. 54-62
Author(s):  
V. E. Dementyev ◽  
Keyword(s):  
Interest Rates ◽  
Capacity Utilization ◽  
Well Being ◽  
Development Factor ◽  
Urgent Task ◽  
The Future ◽  
Business Confidence ◽  
Existing Structure ◽  
Economic Well Being

The level of confidence in the future is considered as one of the important characteristics of the quality of life. Social and economic well-being depends on what expectations prevail in a society. It is shown that the reduction of interest rates on loans is not a sufficient condition for overcoming investment pessimism. It is indicated that with low capacity utilization, cheap loans can lead to stagnation of industries, contributing to the preservation of the existing structure of used capacities. The quality of coordination of economic activity is considered as one of the factors of business confidence in the future. It is noted that the competitiveness of existing industries has a great impact on the formation of new industries in the economy. It is emphasized that the transition to the system of interactive strategic planning remains an urgent task for our country.

scholarly journals Financial Technology (Fin-Tech): Revolutionizing the Indian Agrarian Sector

2020 ◽  
Vol 8 (12s3) ◽  
pp. 1-8
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Risk Sharing ◽  
Financial Inclusion ◽  
Indian Government ◽  
Agricultural Finance ◽  
Agricultural Growth ◽  
Two Factors ◽  
Financial Technology

Agriculture is the largest employer of India which constitutes 50% of its workforce and also a contributor to 17-18% in its GDP. Still, it is one of the most disorganized and disjointed sector.Somewhere this sector has not been given due attention and itcan be proven with the fact that the GDP contribution of this sector has fallen from 43% to 18% (1970- 2018).Though the Indian Government is digitally driving to provide financial inclusion to more than 145 million households that are not having access to banking services but still the farmers aremajorlyusing traditional credit for their basic and main two factors; Production & Consumption (Distribution). The financial segment has an important role to make agriculture aprime contributorto the economic growth of the country and also in reducing poverty. A fast-evolving technological landscape is bringing up new potential to focus&provide credit, risk-sharing, and to explore technology to enhance agricultural productivity. Our paper firstly examines agricultural finance in the Indian context and then discusses how financial technology (Fin-Tech) can drive new products in credit and risk markets in India. We evaluate the role of mobile banking, financial literacy, digital financial services, digital financial technology, and block-chain technology. The paper is concluded with a discussion of policy takeaways for Fin-Tech in agriculture to promote agricultural growth, enhance financial inclusion, and improve regional economic integration through agriculture.

SOCIAL AND ECONOMIC WELFARE AND THE LEVEL OF LIFE SATISFACTION ON THE EXAMPLE OF SELECTED COUNTRIES

2021 ◽  
Vol 1 (1) ◽  
pp. 19-30
Author(s):  
Ewa Polak
Keyword(s):  
Life Satisfaction ◽  
Social Indicators ◽  
Life Quality ◽  
Well Being ◽  
Social Conditions ◽  
Economic Welfare ◽  
Quality Life ◽  
Methods Of Measurement ◽  
Economic Well Being

The article presents problems related to life quality, life satisfaction and sense of happiness, their determinants, methods of measurement and dependence on the level of wealth and other conditions. Life quality is an abstract blurred term which depends on numerous factors. There is not any single, comprehensive definition, measure or cause of such phenomena as life quality, economic well-being or sense of happiness. Their evaluation depends on economic, political, cultural and social conditions and also on individual features, expectations and attitudes. More and more often, next to hard economic coefficients, social indicators are applied, and synthetic measures of the level of life quality or social and economic well-being are developed. The level of social development is strongly affected by the quality of human capital. The article presents an attempt at matching parameters and indicators which characterise various aspects of life quality and applying them for the development of synthetic measures of life quality in its different aspects. It is also aimed at comparing them with the current results obtained by research studies in this field. The aim of the article is to provide an assessment of diversification in the levels of living conditions observed in some selected countries – its size, specificity and cause-effect relations with the use of the listed parameters and measures. The research on life quality should be applied to the assessment of the efficiency of social and economic policy which has been currently implemented.

Africanizing Science Education

2016 ◽  
pp. 120-147
Author(s):  
Irene U. Osisioma
Keyword(s):  
Quality Of Life ◽  
Science Education ◽  
21St Century ◽  
Science Instruction ◽  
Well Being ◽  
Peaceful Coexistence ◽  
Daily Lives ◽  
Environment Quality ◽  
Economic Well Being

The development of Science and Technology has been positively associated with every nation's economic well-being and quality of life. Even though the importance of science in people's daily lives may not be readily noticeable, people engage in many science related activities and experiences, most of which enable them to make science-related decisions and choices every day. This implies that science education will continue to shape humanity, the environment, quality of life, sustainability of the planet, and peaceful coexistence. Effective participation in the scientifically and technologically driven world of the 21st Century implies a science education that produces scientifically literate citizens. This chapter provides justification for rethinking the way science education should be done in Africa generally, and Nigeria, in specific. Recommendations were made for the use of context-based science instruction as an effective way to Africanize science instruction.

scholarly journals Evaluating the quality of remote sensing products for agricultural index insurance

PLoS ONE ◽  
2021 ◽  
Vol 16 (10) ◽  
pp. e0258215
Author(s):  
Benson K. Kenduiywo ◽  
Michael R. Carter ◽  
Aniruddha Ghosh ◽  
Robert J. Hijmans
Keyword(s):  
Remote Sensing ◽  
Remote Sensing Data ◽  
Well Being ◽  
Insurance Contract ◽  
Index Insurance ◽  
Sensing Data ◽  
Insurance Contracts ◽  
The Impact ◽  
Economic Well Being

Agricultural index insurance contracts increasingly use remote sensing data to estimate losses and determine indemnity payouts. Index insurance contracts inevitably make errors, failing to detect losses that occur and issuing payments when no losses occur. The quality of these contracts and the indices on which they are based, need to be evaluated to assess their fitness as insurance, and to provide a guide to choosing the index that best protects the insured. In the remote sensing literature, indices are often evaluated with generic model evaluation statistics such as R2 or Root Mean Square Error that do not directly consider the effect of errors on the quality of the insurance contract. Economic analysis suggests using measures that capture the impact of insurance on the expected economic well-being of the insured. To bridge the gap between the remote sensing and economic perspectives, we adopt a standard economic measure of expected well-being and transform it into a Relative Insurance Benefit (RIB) metric. RIB expresses the welfare benefits derived from an index insurance contract relative to a hypothetical contract that perfectly measures losses. RIB takes on its maximal value of one when the index contract offers the same economic benefits as the perfect contract. When it achieves none of the benefits of insurance it takes on a value of zero, and becomes negative if the contract leaves the insured worse off than having no insurance. Part of our contribution is to decompose this economic well-being measure into an asymmetric loss function. We also argue that the expected well-being measure we use has advantages over other economic measures for the normative purpose of insurance quality ascertainment. Finally, we illustrate the use of the RIB measure with a case study of potential livestock insurance contracts in Northern Kenya. We compared 24 indices that were made with 4 different statistical models and 3 remote sensing data sources. RIB for these indices ranged from 0.09 to 0.5, and R2 ranged from 0.2 to 0.51. While RIB and R2 were correlated, the model with the highest RIB did not have the highest R2. Our findings suggest that, when designing and evaluating an index insurance program, it is useful to separately consider the quality of a remote sensing-based index with a metric like the RIB instead of a generic goodness-of-fit metric.

scholarly journals Modeling Financial Inclusion in the Ar-Rahn’s Financing as Imperatives for Economic Well-Being in Malaysia

2019 ◽  
Vol 9 (1) ◽  
Author(s):  
Azila Abdul Razak ◽  
Fidlizan Muhammad ◽  
Mohd Yahya Mohd Hussin ◽  
Nurhanie Mahjom ◽  
Fatimah Salwa Abd. Hadi ◽  
...  
Keyword(s):  
Well Being ◽  
Financial Inclusion ◽  
Economic Well Being
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