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The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries

Mohieldin, Mahmoud; Iqbal, Zamir; Rostom, Ahmed; Fu, Xiaochen
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
26.49%
The core principles of Islam lay great emphasis on social justice, inclusion, and sharing of resources between the haves and the have nots. Islamic finance addresses the issue of "financial inclusion" or "access to finance" from two directions -- one through promoting risk-sharing contracts that provide a viable alternative to conventional debt-based financing, and the other through specific instruments of redistribution of the wealth among the society. Use of risk-sharing financing instruments can offer Shariah-compliant microfinance, financing for small and medium enterprises, and micro-insurance to enhance access to finance. And redistributive instruments such as Zakah, Sadaqat, Waqf, and Qard-al-hassan complement risk-sharing instruments to target the poor sector of society to offer a comprehensive approach to eradicating poverty and to build a healthy and vibrant economy. Instruments offered by Islam have strong historical roots and have been applied throughout history in various Muslim communities. The paper identifies gaps currently existing in Organisation of Islamic Cooperation (OIC) countries on each front...

Alternative Remittance Systems and Terrorism Financing : Issues in Risk Management

Vaccani, Matteo
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
36.39%
Terrorism can endanger innocent human life and tear the very threads that hold society together, namely, trust and security. Governments have mobilized a variety of tools in response, ranging from the political to the economic. In attempting to prevent and detect terrorist financing and other forms of material support, those offering financial services have been required to heighten their vigilance of potential terrorist abuse of those services. While protecting financial services from potential abuse, care should be taken not to deny access to those services to those most in need. Dejection and social exclusion are very often conducive to terrorism; therefore, ensuring inclusion of the disenfranchised and creating possibilities for their advancement are key parts of the broader, long-term struggle against terrorism and extremism. The paper begins with a brief description of alternative remittance system (ARS) models and their prevalence. It then covers their potential relationship with terrorist financing...

Catastrophe Risk Financing in Developing Countries : Principles for Public Intervention

Cummins, J. David; Mahul, Olivier
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.24%
Public intervention in catastrophe insurance markets, supported by the donor community and the World Bank, should be country specific. Low-income countries, where the domestic non-life insurance market is undeveloped, should focus in the short term on the development of sovereign catastrophe insurance solutions and the promotion of public goods related to risk market infrastructure. These countries are usually not mature enough for the promotion of catastrophe insurance pools for private homeowners. Middle-income countries, where the domestic non-life insurance market is more developed, should help the private insurance industry offer market-based catastrophe insurance solutions to homeowners and to small and medium enterprises, including the agricultural sector. This book offers a framework, with lessons drawn from recent experience, guiding principles for public intervention and potential roles for donors and International Financial Institutions (IFIs). These lessons are expected to be used in developing affordable...

Small-Scale Private Service Providers of Water Supply and Electricity : A Review of Incidence, Structure, Pricing and Operating Characteristics

Kariuki, Mukami; Schwartz, Jordan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.24%
This paper summarizes the key findings and conclusions of a literature review of small-scale private service providers (SPSPs) of water supply and electricity conducted over a six-month period in 2003. It draws on more than 400 documents-including journals, articles, reports, case studies and project reports-which have been disaggregated and referenced in a publicly available database. SPSPs appear most prevalent in countries with low coverage levels, ineffective public utilities that provide inadequate or partial services, and remote, difficult-to-access regions. SPSPs are especially prevalent in post-conflict countries and others with weak or failed states. Of the countries for which evidence of SPSPs was available, at least half fall into this category. SPSP provision of networked services appears to be significantly higher for electricity than for water supply. Most SPSPs identified through the literature are single-purpose entities established for the express purpose of delivering water supply or electricity. SPSPs take a variety of organizational forms, both for-profit and non-profit. As such, they are established for a variety of reasons, including: to meet consumer demand, respond to crises, or as part of larger business ventures. The technology used may extend upstream from distribution services to the means for producing or generating water supply or electricity...

Expanding Access to Housing Finance : Task 1. Business and Sustainability Plan for Affordable Housing Finance Pilot Projects

Merrill, Sally; Kayiira, Duncan; Kalema, William
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.52%
The objective of the First Initiative Project in Uganda is to expand the access of households to housing finance, especially modest and lower income households, by introducing new and innovative housing loan products, by introducing innovative loan products combined with affordable housing designs. The project has delivered two studies to the Bank of Uganda: i) a study addressing the financial and banking sector context for housing finance, liquidity and liquidity management, and the resultant potential for use of retail funds for mortgage lending; and ii) a feasibility study for housing finance pilots targeted at modest and lower income households, seeking to introduce innovative loan products combined with lower cost house design in a planned urban setting. This paper, business and sustainability plan for affordable housing finance pilot projects, provides supporting technical detail for the feasibility study for design of pilot projects for modest and lower income households, including the need for more liquidity for lenders involved in lending to lower income households. Two types of pilot projects have been developed: one for starter homes for modest income households and one for an incrementally built home for low-modest income households. The recommended loan products include a down-market or...

Scaling Up Affordable Health Insurance : Staying the Course

Preker, Alexander S.; Lindner, Marianne E.; Chernichovsky, Dov; Schellekens, Onno P.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.39%
As the world recently turned its attention to the struggle of expanding health insurance coverage for 40 million people in the United States, it is important not to forget the 4 billion people in low- and middle-income countries that face the same hardship. Millions of the poor have already fallen back into poverty as a result of the ongoing global financial crisis. Millions more are at risk before full recovery. It is the poor and most vulnerable that are at greatest risk due to lack of protection against the impoverishing effects of illness. The research for this volume shows that, when properly designed and coupled with public subsidies, health insurance can contribute to the well-being of poor and middle-class households, not just the rich. And it can contribute to development goals such as improved access to health care, better financial protection against the cost of illness, and reduced social exclusion. Opponents vilify health insurance as an evil to be avoided at all cost. To them, health insurance leads to overconsumption of care...

Social Reinsurance : A New Approach to Sustainable Community Health Financing

Dror, David M.; Preker, Alexander S.
Fonte: Washington, DC: World Bank and Geneva: International Labour Office Publicador: Washington, DC: World Bank and Geneva: International Labour Office
EN_US
Relevância na Pesquisa
36.67%
Including health issues at the top of the political agenda, is an indictor for national development. Breaking the vicious cycle of low resources leading to illness, and illness leading to poverty, is a problem that all policy makers face in poor countries. Access to decent and affordable health care is to be facilitated by community-based institutions, which require sustainability through social reinsurance. The authors offer a concept as promising as original, opening a path between traditional government-based, and market-based responses to the lack of health care for the very poor, while maintaining a role for the government, in furthering social goals, through micro-insurance, but also creating a favorable market environment. The path is a pragmatic look at what close-to-people-needs schemes can do to fill the gap of ill-being. The authors, however, dig deeper into the subject in various manners: they link their analysis to the emerging study of social capital, and the need for people to trust their peers...

Energy Services Market Development : Scaling Up Energy Efficiency in Buildings in the Western Balkans

Limaye, Dilip; Singh, Jas; Hofer, Kathrin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
36.55%
The development of private sector energy service providers (ESPs), including energy service companies (ESCOs), that specialize in energy efficiency (EE) project development and implementation can help overcome some of the important barriers to scaling up implementation of energy efficiency (EE) projects, particularly in the public sector. ESPs can offer a range of services spanning the energy services value chain and provide the technical skills and resources needed to identify and implement EE opportunities, perform services using performance based contracts (thereby reducing the risks to the energy users), facilitate access to financing from commercial lenders, and enable the energy users to pay for the services from the cost savings achieved. This guidance note provides examples of actions taken by governments in many countries (such as Armenia, Bulgaria, Croatia, Czech Republic, Germany, Hungary, and India) to foster the energy services market and help establish and grow ESPs in their countries. Experience from these countries shows that governments need to adopt a three-pronged approach...

Immunization Finance Toolkit : A Resource for Policy-Makers and Program Managers

World Bank; GAVI Alliance
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.56%
Financing is a critical component of a sustainable Immunization program. The Immunization Financing Toolkit is a series of short briefs on different options for financing national immunization programs and vaccines. It is intended to serve as a resource for program managers and decision---makers in ministries of health, planning, and finance. The Toolkit brings together the most up---to---date knowledge on the characteristics of various types of= financing mechanisms as well as information on how the mechanisms are being implemented in practice, their potential benefits, and their limitations. Where possible, case studies on specific financing options are included. The field of immunization financing continues to evolve and the Toolkit will therefore be web---based and easily downloaded from the internet. As a web---based tool, the Toolkit contains links to other relevant websites for further understanding. The Toolkit is also available on a CD Rom. This version of the Toolkit is an update of the Immunization Financing Options produced by the Global Alliance for Vaccines and Immunization (GAVI Alliance) in 2001. Health sector funding and management have evolved over the last decade...

Access to Affordable and Low-Income Housing in East Asia and the Pacific

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.52%
Across the world, the housing sector plays a key role in local and national economies, and expanding access to housing can encourage more equitably shared economic growth. This report surveys current policy interventions designed to encourage affordable housing in East Asia and the Pacific (EAP). The purpose of this report is to provide a general overview of the recent trends in urbanization and development in EAP and to consider different forms of government, market, and nonprofit actions that support housing affordability. It will also highlight key constraints and barriers that restrict the provision of low-cost housing in urban areas. Housing is important because it represents a significant household expenditure. The report assesses the strengths and limitations of affordable housing strategies used by different countries throughout EAP. This report offers broad conclusions that account for the broad social, political, and institutional variation among EAP countries; as such, these conclusions may well be applicable to more than one country context. The report also provides specific recommendations for improvement where existing interventions are new or have proven less successful. The report is divided into following chapters: chapter one gives introduction. Chapter two examines trends in urbanization rates...

Potentials and Constraints of Using Warehouse Receipts Financing

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
36.56%
The paper starts with an overview of Cambodia’s rice sector, with a particular attention to aspects which affect its need for external working capital finance, and characteristics and constraints that could hinder access to such finance (e.g., warehousing capacity, processing constraints, logistics, and market risks). Chapter two describes the general conditions for crop-based financing in Cambodia’s rice sector. Chapter three discusses policy options for enhancing the use of paddy and rice as collateral for financing. The chapter sets out the two main modalities: collateral management, and public warehousing. Both collateral management and public warehousing work best when certain support structures are in place, in particular an indemnity system, a system for the electronic trading of warehouse receipts, and a facility for refinancing warehouse receipt loans (which could be managed by the Central Bank or outsourced to another competent entity such as an investment fund). These are discussed in separate sections. The various sections describe the situation as currently prevails in Cambodia...

Financial Mechanisms for Clean Energy in Small Island Developing States

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Investment Climate Assessment
ENGLISH; EN_US
Relevância na Pesquisa
26.5%
This report explores the potential financing mechanism options that can be employed to catalyze more private sector investment in clean energy (renewable energy and energy efficiency) in the small island developing states (SIDS). Various financial instruments that have been used successfully to date are described and placed in the context of the issues and constraints of the SIDS, with suggested options for discussion and follow up. Green infrastructure finance, as defined in the report, makes the important point that is the combination of financial and nonfinancial interventions and instruments that can make green investments in infrastructure more affordable and less risky to private sponsors, financial markets, and governments. The objective of this report is to identify and assess options that can help increase investment in renewable energy and energy efficiency in SIDS through the adoption and funding of financing mechanisms by SIDS and development partners with special attention given to the role that the private sector can play. Many renewable energy technologies are characterized by high initial capital costs with relatively low operating costs compared to thermal alternatives. By providing an analysis of options for a financing facility to catalyze renewable energy and energy efficiency...

Vietnam Affordable Housing; A Way Forward

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work :: Other Urban Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.54%
Affordable housing will be instrumental to helping Vietnam achieve its goals for increasing productivity and inclusive urban growth. Since Doi Moi, the country has experienced impressive economic growth, averaged at 7.4 percent per annum from 1990 to 2008, lowering to an average of 6 percent per annum from 2007 to 2013. Strong economic growth has supported a substantial reduction in poverty, from 58 percent in 1993 to 17 percent in 20121. Yet, the country has remained largely rural, with more than half of its population working in the agricultural sector, which only contributed 17 percent of GDP in 20142. In some countries, urbanization has been used as a tool to accelerate economic growth and poverty reduction. As Vietnam aims to maintain a high growth rate, supporting urbanization, where cities contribute a growing share of jobs and GDP, will be an important measure. This structural shift will drive population growth and new demand for housing in cities, for which quality and affordable housing options in well-serviced and connected settlements will be needed. Areas of particular importance in the Law is support toward self-built housing...

Planning, Connecting, and Financing Cities--Now : Priorities for City Leaders

World Bank
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.54%
This report provides Mayors and other policymakers with a policy framework and diagnostic tools to anticipate and implement strategies that can avoid their cities from locking into irreversible physical and social structures. At the core of the policy framework are the three main dimensions of urban development. · Planning— where the focus is on making land transactions easier, and making land use regulations more responsive to emerging needs especially to coordinate land use planning with infrastructure, natural resource management, and risks from hazards; · Connecting—where the focus is on making a city’s markets (for labor, goods, and services) more accessible to neighborhoods in the city and to other cities. Here the focus is also on investing in public transport, and pricing private transport fully; and · Financing— where the focus is on how a city can leverage its own assets to finance new assets for example, through land value capture, establishing creditworthiness for local governments and utilities to access domestic debt and bond markets and how to set clear and consistent rules to attract private investors to create jobs in cities. This report also distills lessons from prototypes urbanization diagnostics which have been piloted to reflect challenges for countries at nascent (Uganda...

Local Financing of Water Utilities : Challenges and Opportunities - The Case of Peru

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Energy Study
ENGLISH
Relevância na Pesquisa
36.52%
This report identifies opportunities and challenges for local financing of water utilities in Peru and suggests recommendations for removing barriers and creating incentives for scaling-up local financing to local water utilities. It was developed with an understanding that meeting the Millennium Development Goals (MDGs) in water and sanitation in Peru will require scaling up local financing for the sector and that efficiency and effectiveness can be enhanced by greater involvement of local institutional investors and other parties. This joint study exposes many of the barriers to local private financing facing the urban water supply and sewerage (WS&S) sector in Peru. In short, the majority of local water utilities cannot meet credit rating and governance standards required to access private financing. Consequently, loans from financial markets are rare. These findings are probably not specific to Peru. Accordingly, there is great value for central governments to undertake similarly detailed studies to identify the obstacles preventing access to local financing unique to their country's WS&S sector.

Financing Energy Efficiency Measures for Residential Building Stock : Scaling Up Energy Efficiency in Buildings in the Western Balkans

Kalkum, Bernd
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research; Publications & Research :: Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
46.64%
Within the Western Balkans region, a secure energy supply is critical to sustaining economic growth. Currently, the region relies heavily on imported hydrocarbons and maintains high energy intensity relative to Gross Domestic Product, or GDP. This places a huge burden on companies, which require affordable and reliable infrastructure services to be competitive; the public sector, which spends significant budgetary resources on energy; and households, which have to pay a high portion of their income for energy services. As energy pricing is further rationalized, a higher burden will be placed on all sectors, especially poorer households. The residential sector is a significant energy consumer. Its share of total final energy consumption ranges from 28 percent to 32 percent (compared with the EU average of 27 percent). Fairly simple renovations such as insulation, heating system upgrades, and improvements to windows and lighting could reduce consumption in this sector by some 9 percent, with payback periods generally less than 8 years. Such improvements could help ease the impact of future tariff increases while helping reduce the region's projected energy supply and demand gap.

Health Financing Options for Samoa : Challenges and Opportunities

Anderson, Ian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.52%
Samoa currently faces two important public policy challenges in the health sector. One is to stem, and then reverse, the rapid rise of non-communicable diseases (NCDs). The second challenge is to put the country on a health-financing path that is effective, efficient, and financially affordable and sustainable. The two challenges are interconnected. This discussion paper examines eight options to address these challenges. The eight options are the following: (1) increasing government expenditure via higher general taxation; (2) increasing government expenditure via deficit financing; (3) increasing the share of government expenditure to health; (4) increasing external and donor financing; (5) increasing specific taxes; (6) mobilizing additional nongovernment resources via insurance (including social health insurance, and community and private insurance); (7) increasing cost-recovery measures; and (8) increasing efficiency. The paper concludes that the chief opportunity arises from more efficient use of resources already in the health system that are not presently used to maximum effect. Improving technical and allocative efficiency of the existing system has the potential to make a large difference and is technically feasible.

Health Financing in Vanuatu : Challenges and Options

Anderson, Ian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.33%
Population growth, an unfinished agenda of communicable diseases and maternal health and nutrition, and the rapid rise of Non-communicable diseases are putting increasing strain on not just the Ministry of Health budget, but also the broader financial position of the government as a whole. These pressures are ultimately financially unsustainable, given current and projected future economic conditions. But many of the health burdens and costs can be avoided, or at least delayed, with good primary and secondary prevention. There are practical options for making health financing in Vanuatu more effective, efficient, equitable, affordable, and accountable. Improving efficiency of public expenditure is a key to achieving this.

Lao PDR - Power to the People : Twenty Years of National Electrification

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Energy Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.54%
This report documents the Lao People's Democratic Republic's success story in rapid national electrification integrated within a broader strategy of national and rural development. In fifteen years (1995-2009), electricity access more than quadrupled, from about 15 percent in 1995 to 69 percent in 2009 -- and the program is on track to achieve the government's target of 70 percent national coverage by 2010 year-end. This expanded electricity access resulted in over 700,000 household connections by 2009 year-end, from about 120,000 households connected in 1995. The government of Lao PDR (GoL) has pursued a pragmatic and purposeful approach. Further, a series of government policy initiatives helped steer the rapid liberalization and modernization of the national economy, as a consequence of which the economy has grown at an average annual rate of 6.5 percent since 2001. The key to the successful implementation of the national electrification program in Lao PDR has been its institutional model of grid extension and rollout driven by the national electricity utility...

Structured financial solutions for green affordable housing projects

Subramanian, Shwetha
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 63 p.; 662733 bytes; 662553 bytes; application/pdf; application/pdf
ENG
Relevância na Pesquisa
26.54%
Environmentally responsible buildings are increasing gaining recognition in the building industry because they address objectives such as conserving natural resources, improving energy efficiency and indoor air quality and they make more economic sense. Affordable housing and Green buildings in particular combine well together as the goals of both overlap. A joint team comprising of New Ecology Initiatives, the Tellus Institute, LISC Boston and the Green CDC's Initiative is currently investigating the Costs and Benefits of Green Affordable Housing. This thesis builds on the research in progress, by focusing on the financial challenges and opportunities faced by green affordable housing. In an attempt to incentivize green affordable housing, this thesis investigates the capital sources that are available at key stages of the development process and how they can best be allocated to meet the costs and needs that arise at each developmental stage. Specifically, the fiscal sources utilized on two representative projects- one rental project and one homeownership project, were analyzed and solutions were found to restructure these resources to pay for green premiums. Several viable solutions emerged to offset the incremental costs of greening in the early phases of the two projects.; (cont.) But the most significant finding of this thesis was the opportunity for cost savings and enhancement of economic value of Green Affordable housing by capitalizing savings from lowered operating costs. This is a powerful mechanism that has the ability to service more debt on the project and cover costs incurred during the interim stages. This thesis demonstrates that there are several ways of structuring successful financing solutions to meet the objectives of all the participants involved...