Syed Azman, Syed Marwan Mujahid and Syed Jaafar Alhabshi, Syed Musa and Redzuan, Nur Harena (2022) A proposal for social impact measurement framework for digital banks in Malaysia. In: 2nd Karatay International Conference on Islamic Economics and Finance (KARCIEF 2022), 17-18 June 2022, Turkey and Hybrid. (Unpublished)
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Abstract
Malaysia’s Central Bank, Bank Negara Malaysia (BNM), recently announced five successful applicants for digital bank licences in Malaysia. They were selected from the final 29 applications, which went through a thorough assessment by BNM. The assessment criteria cover the character and integrity of applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plans, and ability to address financial inclusion gaps meaningfully. Based on the BNM guidelines, the digital banks are required to fulfil the mandates of driving financial inclusion to ensure quality access and responsible usage to the underserved and hard-reach segments that may be unserved. This paper proposes a social impact measurement framework for digital banks in Malaysia that may assist them in fulfilling their mandate. A critical review of literature is undertaken to develop the social impact measurement framework. In doing so, various literature related to maqasid Shariah, SDG, and VBI is reviewed to develop the components of the framework. These components are then integrated with the banks’ value proposition and social impact objectives to form the social impact measurement framework. The findings from the paper can be used as a guideline not only by digital banks but any institution or business that seeks to fulfil financial inclusion and social impact objectives.
| Item Type: | Conference or Workshop Item (Slide Presentation) |
|---|---|
| Uncontrolled Keywords: | Digital Bank, social impact measurement, Islamic social finance, SDG, Maqasid al-Shariah |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance |
| Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): | Institute of Islamic Banking & Finance (IIiBF) |
| Depositing User: | Dr. Syed Marwan Mujahid Syed Azman |
| Date Deposited: | 02 Aug 2022 12:50 |
| Last Modified: | 02 Aug 2022 12:50 |
| URI: | http://irep.iium.edu.my/id/eprint/99048 |
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