Cooperative behavior (ta’awun) between mosques and civic organizations in empowering asnafpreneurs through IIUM m-kitchen® project (original) (raw)
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Islamic Social Finance (ISF) is a Corporate Social Responsibility (CSR) initiative in the form of humanitarian and socio-development programmes. ISF is done through various approaches and structures that are predefined by Syariah Law. Among the main structures in ISF programmes are Zakat, Awqaf, Purification Fund, Sadaqah, Microfinance and Sukuk. Innovative investments in humanitarian action through ISF will not only lead to long-term social improvements, but also to longterm resilience and to adaptive capacity-building for communities at risk. Such investments will empower communities to recover more strongly from shocks as well as facilitate social and economic inclusion within their populations . However, there has been limited study to discover its potential as it is at its nascent stage. The purpose of this study is to investigate how Zakat, Waqf, and Sadaqa can contribute to the development of Islamic Social Finance. This paper also details the role of zakat, waqf and philanthropy on economic development and the impact on social development. This study utilized content analysis to evaluate the issues and challenges of achieving Islamic Social finance goals from the secondary resources. Library methods of study, interviews, documentation and research are used to collect information related to Islamic social finance. Islamic Social Finance is an important area of growth similar to Islamic Finance. The results would provide us an opportunity to further develop the potential of Islamic Social Finance in enhancing the society and wellbeing of the Ummah.
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JOURNAL OF APPLIED BUSINESS ADMINISTRATION, 2020
The low level of financial inclusion for the poor becomes a time bomb amid Islamic finance growth as an alternative and way of life, particularly for those who believe in the application of Islamic tenets in finance. Further, the evolving of fully-fledged Islamic Financial Non-Bank Institutions, particularly Islamic Microfinance Financial Institutions (IMFIs) are one of the myriad ways in alleviating poverty. Indonesia, with the highest number of the Muslim population in the world, can reduce the poverty percentage by using Islamic social funds, namely infaq, zakah, shadaqoh and waqf. This study sheds light on how to optimise the Islamic social fund benefit for improving the poor’s quality of life; both by injecting money to provide them with a business skill and to feed people them who are poor. We use meta-analysis method to recap different findings related to maximise the usage of Islamic social funds across a different point of view, hence a fit mechanism is found to be applied....
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Islamic Social Finance Report 2014
RegIon unDeR Focus 25 2.1 economic Indicators 27 2.2 Potential of Islamic social Finance 34 3.0 ZaKaH 39 3.1 overview of Zakah sector 42 3.2 Institutional structure 55 3.3 Regulatory and Policy Framework 58 3.4 supporting Infrastructure 62 3.5 success stories & good Practices 64 3.6 Lessons and Policy Implications 70 4.0 aWQaF 73 4.1 overview of awqaf sector 74 4.2 Institutional structure 76 4.3 Regulatory and Policy Framework 80 4.4 supporting Infrastructure 88 4.5 success stories & good Practices 88 4.6 Lessons and Policy Implications 93 5.0 IsLaMIc FInancIaL cooPeRaTIves & non-PRoFIT-oRganIZaTIons 98 5.1 overview of Islamic Financial cooperative and nPo sector 99 5.2 Institutional structure 104 5.3 Regulatory and Policy Framework 105 5.4 supporting Infrastructure 108 5.5 success stories & good Practices 109 5.6 Lessons and Policy Implications 121 6.0 gLossaRy 124
2017
This research analyzed the crucial management dimensions or key elements of organizations that have been managed as Islamic almsgiving institutions (zakah funds) in Indonesia. Zakah funds are traditionally managed for a limited number of beneficiaries. Zakah funds are now collected and managed by professional Islamic or faith-based organizations and institutions at the national or regional level to achieve a wider range of beneficiaries. This article examines how two Islamic or faith-based organizations, herein named CV (commanditaire vennootschap) “X” and “Y” Foundation, manage small enterprise programs based on zakah to reach a wider range of beneficiaries. Using qualitative methods, the research identifies crucial dimensions in the management of organizational dynamics of these Islamic or faith-based organizations, i.e., organizational systems, human resources, and organizational climate. Those elements are used to manage economic empowerment activities with faith as a supra stru...
ISLAMIC SOCIAL FINANCE: A SUSTAINABLE SOLUTION TO POVERTY ALLEVIATION
Zakat and Islamic Social Finance: The Way Forward, 2022
Islamic financial intermediation is primarily based on the philosophy of socioeconomic justice. The risk sharing mechanism of Islamic finance contracts, increases the scope of development for the marginalized. In the contemporary discourse of Islamic finance, the emergence of social finance based on the redistributive system of Islam has contributed to the Alleviation of poverty and need fulfillment to large extent. The instruments of redistributive nature viz, zakah, waqf (plural Awqaf) Sadaqah, Qarḍ al Hassan etc. can be explored for the socioeconomic Upliftment of the marginalized, through proper management and disbursement. Moreover, Islamic Social Finance can play an ethical and acceptable role in eradicating poverty and hunger thus narrowing the gap between affluent and deprived. The present paper in context through qualitative analysis argues that Islamic social finance has the capacity for poverty alleviation that can be explored for economic empowerment and sustainable solutions to combat the marginalization in the Muslim world in general.
Empowering Islamic Social Finance to Reduce the Burden of Covid-19 Destitute: Evidence from Malaysia
The Journal of Management Theory and Practice (JMTP)
This study intends to explore the role of Islamic social finance initiatives to support COVID-19 destitute in Malaysia. Like everywhere in the world, COVID-19 has left adverse impacts on businesses and individuals in Malaysia. This study explores the role of zakat, waqf, government policies, fintech, Takaful, Sukuk, micro-financing, and Islamic banking to strengthen the impact of Islamic social finance. This is an explorative study, and data are collected from research articles, online newspapers, websites, and other relevant sources. The study found that various stakeholders in Malaysia, including government, zakat agencies, and non-governmental organizations, made substantial contributions by empowering Islamic social finance to reduce the burden of the current pandemic. Besides, by exploring the sources, the study discovered that Islamic banks played a significant role in supporting COVID-19 destitute through Islamic social finance. The study concludes that various components of ...
Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects
Proceedings of the 5th UUM International Qualitative Research Conference (QRC) 2022, 2022
Islamic Social Finance (ISF) is a sector consisting of philanthropic instruments such as, among others, obligatory charity or almsgiving (Zakat), Islamic endowment (Waqf), voluntary charity (Sadaqah), and Islamic microfinance. The primary goal of ISF is to alleviate poverty and improve the socioeconomic conditions of society. The current study employed the content analysis technique to explore ISF practices, namely zakat and waqf, in Somaliland, a country with high poverty rates. Findings suggest that zakat and waqf are currently not utilized effectively, thus not distributing to poverty alleviation. Some of the issues facing the development of zakat include a lack of a legal framework. On the other hand, although waqf is utilized for religious and educational purposes, it is not used for poverty mitigation and hence, not exploited fully. Despite the vast issues facing their development, zakat and waqf have the potential to grow and address the extensive poverty in the country. The conclusions of this study are beneficial to the regulators and researchers.