Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem?

Sain, Mohamed Rosli Mohamed; Rahman, Mohammad Mafizur; Khanam, Rasheda

doi:10.14453/aabfj.v10i3.6

Cited by 9 publications

(7 citation statements)

References 19 publications

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“…Some studies are based on an understanding of financial exclusion, which is a lack of access to a formal financial system. Sain et al (2016) defined exclusion finance as a system that hinders individuals’ access to financial systems. Similarly, Carbó et al (2005) defined financial exclusion as a challenge faced by people accessing financial systems.…”

Section: Literature Reviewmentioning

confidence: 99%

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Exploring financial inclusion in MENA countries: an entropy weight approach

Ramaian Vasantha,

Liew,

Kijkasiwat

2023

IMEFM

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Purpose Research on financial inclusion (FI) in Islamic countries has evolved and gained prominence. This study aims to construct an extensive multidimensional FI index to ascertain the level of inclusion and trends in the Middle East/North Africa (MENA) countries. Additionally, this study examines the potential role of Islamic finance in improving access to financial services. Design/methodology/approach Data for the study were collected from databases covering MENA countries for the period 2010–2020. An inclusion index has been constructed using the entropy method. Findings Key findings indicate that the overall FI has improved in Islamic countries. However, it should be noted that all MENA countries fall within the low or medium levels of the inclusion index. It was observed that insurance access and penetration savings were poor in the Islamic MENA countries. Social implications The authors recommend that policymakers focus on insurance access and saving behaviour in their respective countries. Based upon these observations, policymakers should promote the economic benefits of Islamic finance, which will help improve FI and economic development in Islamic countries. This study emphasises the necessity of policy framework reform to provide Islamic financial services to the poorest in society at low or no cost for better economic benefits. Originality/value Most studies tend to overlook important indicators such as insurance, savings and credit penetration while calculating the index. These indicators add value to the existing literature. The majority of prior studies used United Nation Development Programme methodology or principal component analysis for Inclusion Index measurements. The adoption of the entropy weighting method is the novelty of this study.

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Section: Literature Reviewmentioning

confidence: 99%

“…Khmous and Besim (2020) found low FI in Islamic countries, especially in the Middle East/North Africa (MENA) countries. In addition, some studies indicate that Muslims worldwide are financially excluded more than others (Sain et al , 2016). The MENA region has almost 164 Islamic banks, including 45 among the global top 100 banks.…”

Section: Introductionmentioning

confidence: 99%

Exploring financial inclusion in MENA countries: an entropy weight approach

Ramaian Vasantha,

Liew,

Kijkasiwat

2023

IMEFM

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“…According to Sain et al ( 2016 ), the development economists recommend providing essential financial services on a massive scale accessible by all, thereby ensuring an all-inclusive financial system. According to Farooq et al ( 2021 ), by enhancing the quality and quantity of core financial services such as savings mobilization, availability of credit, risk management, and mitigation regime, insurance can pave the way for sustainable production and growth, especially for relatively small and medium-sized enterprises.…”

Section: Literature Reviewmentioning

confidence: 99%

Re-examining the nexuses of communicable diseases, environmental performance, and dynamics of sustainable Development in OECD countries

Quddoos

Akhtar

Amin

et al. 2022

Environ Sci Pollut Res

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We investigate the determinants of communicable diseases (CDs) and nexus of financial development, economic development, and renewable energy consumption to address the issues of ecological footprint level, the impacts of communicable diseases (CDs), and economic growth of the OECD countries throughout 2000-2019. The results from FMOLS and DOLS reveal that the levels of financial development, energy consumption, and trade volume significantly contribute to overcoming the death toll occurring due to CDs. As regards the growth function, the level of trade in the economy is significantly associated with economic growth. The findings reveal that the improvements and developments in the financial sectors and trading activities cause a reduction in the infection cases represented by COVID-19. In contrast, economic growth does have a negative but insignificant impact upon COVID-19. We conclude that sound financial development combined with economic and environmental regulations could be strategically helpful to cope with CDs.

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“…Penyaluran dana sedekah dengan skema qardhu hasan juga menemukan landasan empiris, di mana sebagian lembaga telah mempraktikkannya dalam menyalurkan dana zakat, infak, dan sedekah. Skema ini secara sengaja disiapkan untuk memerangi keuangan berbasis riba (Sain et al, 2016). Para pengguna manfaat qardhu hasan menikmati kemudahan berupa pinjaman lunak tanpa bunga, dengan syarat sederhana, dan memiliki kelonggaran waktu untuk melunasinya.…”

Section: Praktikunclassified

Riba Versus Sedekah Sebagai Konsideran Tazkiyah Akuntansi Dan Bisnis

Djalaluddin

Mumpuni²

2020

jamal

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Riba versus Sedekah sebagai Konsideran Tazkiyah Akuntansi dan Bisnis. Penelitian ini mengungkap konflik antara sedekah versus riba dalam meraih falah (sejahtera). Penelitian ini menggunakan metode al-huda al-minhaji atas Al-Baqarah 276, yang memadukan qauliyah (normatif) dan kauniyah (empiris). Hasil penelitian menunjukkan bahwa riba bukanlah jalan sejahtera. Riba tak memenuhi syarat sebagai sumber kepemilikan syar`i sehingga tasharruf (tindakan) atas hasil riba menjadi tak bernilai. Fenomena empiris menunjukkan hilangnya sumber daya pelaku riba. Adapun sedekah, secara qauliyah dipandang sebagai instrumen yang konsisten dalam sirkulasi harta untuk membangun falah. Sedekah mampu menjaga kesinambungan bisnis yang bebas riba.

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Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem?

Cited by 9 publications

References 19 publications

Exploring financial inclusion in MENA countries: an entropy weight approach

Exploring financial inclusion in MENA countries: an entropy weight approach

Re-examining the nexuses of communicable diseases, environmental performance, and dynamics of sustainable Development in OECD countries

Riba Versus Sedekah Sebagai Konsideran Tazkiyah Akuntansi Dan Bisnis

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