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Islamic Social Finance from the Quran and Sunnah Read chapter Read first chapter

2024 | OriginalPaper | Chapter

8. Contemporary Issues and Challenges in Islamic Social Finance

Authors : Sherin Kunhibava, Aishath Muneeza, Maryam Binti Khalid, Zakariya Mustapha, Thong Ming Sen

Published in: Islamic Social Finance

Publisher: Springer Nature Singapore

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Abstract

This chapter serves as a culmination of the exploration into Islamic Social Finance, focusing on Contemporary Issues and Challenges within this dynamic landscape. Readers will gain a profound understanding of the nuanced complexities and emerging concerns that shape the trajectory of Islamic social finance. The chapter delves into an in-depth analysis of these contemporary challenges, offering insights into their multifaceted nature. Strategies for overcoming these challenges are meticulously examined, providing readers with practical approaches to navigate the intricacies of Islamic social finance. Furthermore, the chapter illuminates potential pathways for future development in this vital field, fostering a forward-looking perspective on the evolution of Islamic social finance.

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previous chapter Social Takaful
Footnotes
1
Rosman, R., Redzuan, N.H., Mokhtar, N.Z.N., Engku Ali, E.R.A., & Mohammed, M.O. (2022). Islamic social finance and sustainable development goals: Issues and challenges. Journal of Islamic Finance, 11(2), 56–67. Retrieved from https://​journals.​iium.​edu.​my/​iiibf-journal/​index.​php/​jif/​article/​view/​690.
 
2
Ibid.
 
3
Bala, A.A. (2022). Chapter 12: The role of Zakat in addressing poverty: An analysis of Sokoto State Zakat and Waqf (Endowment) Commission. In Qadri H.M., Bhatti, M.I. (Eds.). Contemporary Issues in Islamic Social Finance (pp. 185–193). Routledge.
 
4
Qadri, H.M., & Bhatti, M.I. (2022). In Qadri H.M, Bhatti, M.I. (Eds.), Contemporary Issues in Islamic Social Finance (pp. 1–10). Routledge.
 
5
Tahiri Jouti, A. (2019). An integrated approach for building sustainable Islamic social finance ecosystems. ISRA International Journal of Islamic Finance, 11(2), 246–266.
 
6
Ibid.
 
7
Aman, A.S. (2022, December). Bank Islam to lend more to micro-entrepreneurs with PPZ-MAIWP help. The News Straits Times. Retrieved from https://​www.​nst.​com.​my/​business/​2022/​12/​863848/​bank-islam-lend-more-micro-entrepreneurs-ppz-maiwp-help.
 
10
Lembaga Zakat Negeri Kedah. (2020). LZNK Laksanakan Projek Perintis Bersama Bank Islam Bantu Penjawat Awam Tidak Bergaji Miliki Rumah Sendiri. Retrieved from https://​www.​zakatkedah.​com.​my/​lznk-laksanakan-projek-perintis-bersama-bank-islam-bantu-penjawat-awam-tidak-bergaji-miliki-rumah-sendiri/​
 
11
World Zakat and Waqf Forum. (2021). Kafa Teachers in Malaysia Now Able to Own A House With LZNK’s Special Collaboration Scheme With Bank Islam Malaysia Berhad (BIMB). Retrieved from https://​wzwf.​org/​asia/​257-kafa-teachers-in-malaysia-now-able-to-own-a-house-with-lznk%E2%80%99s-special-collaboration-scheme-with-bank-islam-malaysia-berhad-bimb.​html.
 
12
AIBIM. (2023). Islamic Social Finance a Viable Way to Assist MSMEs. Retrieved from https://​aibim.​com/​news/​islamic-social-finance-a-viable-way-to-assist-MSMEs.
 
13
Rosman, R., Redzuan, N.H., Mokhtar, N.Z.N., Engku Ali, E.R.A., & Mohammed, M.O. (2022). Islamic social finance and sustainable development goals: Issues and challenges. Journal of Islamic Finance, 11(2), 56–67. Retrieved from https://​journals.​iium.​edu.​my/​iiibf-journal/​index.​php/​jif/​article/​view/​690.
 
14
From interview with Mr Hamid Rashid and Mr Sree Charan, Finterra. Thursday, 21 July 2021 at 11:00am online.
 
16
Rosman, R., Redzuan, N.H., Mokhtar, N.Z.N., Engku Ali, E.R.A., & Mohammed, M.O. (2022). Islamic social finance and sustainable development goals: Issues and challenges. Journal of Islamic Finance, 11(2), 56–67. Retrieved from https://​journals.​iium.​edu.​my/​iiibf-journal/​index.​php/​jif/​article/​view/​690.
 
17
See for example: Kamaruddin, M.I.H., Hanefah, M.M., & Masruki, R. (2022). Challenges and prospects in waqf reporting practices in Malaysia. Journal of Financial Reporting and Accounting. https://​doi.​org/​10.​1108/​JFRA-01-2022-0018; Kamaruddin, M.I.H., Masruki, R., & Hanefah, M.M. (2018). Waqf management practices: Case study in a Malaysian waqf institution. World Journal of Social Sciences, 8(3), 1–12; Adnan, M.A., Sulaiman, M., & Mohd Nor, P.N.S.M. (2007). Some thoughts about accounting conceptual framework and standards for a waqf institutions. Indonesian Management and Accounting Research, 6 (1): 43–56; Arshad, R., & Mohd Zain, N. (2017). Performance measurement and accountability of waqf institutions in Malaysia. SHS Web of Conferences, 36(5), 1–15; Chowdhury, M.S.R., Chowdhury, I.A., & Muhammad, M.Z. (2012). Problems of waqf administration and proposals for improvement: A study in Malaysia. Journal of Internet Banking and Commerce, 17 (1), 1–8; Daud, D. (2019). The role of Islamic governance in the reinforcement waqf reporting: SIRC Malaysia case. Journal of Islamic Accounting and Business Research, 10(3), 392–406.
 
18
Kamaruddin, M.I.H., Hanefah, M.M., & Masruki, R. (2022). Challenges and prospects in waqf reporting practices in Malaysia. Journal of Financial Reporting and Accounting. https://​doi.​org/​10.​1108/​JFRA-01-2022-0018.
 
19
Uddin, T., & Mohiuddin, M. (2020). Islamic social finance in Bangladesh: Challenges and opportunities of the institutional and regulatory landscape. Law and Development Review, 13(1), 265–319.
 
20
Cheng, K. (2023). The breadth of Islamic social finance in Malaysia and its institutionary and legal challenges. Unpublished Project paper for Masters of Commercial Law.
 
23
Migdad, A. (2019). Managing Zakat through institutions: Case of Malaysia. International Journal of Islamic Economics and Finance Studies, 3, 28–44. Retrieved from https://​dergipark.​org.​tr/​en/​download/​article-file/​868357.
 
24
Rosman, R., Redzuan, N.H., Mokhtar, N.Z.N., Engku Ali, E.R.A., & Mohammed, M.O. (2022). Islamic social finance and sustainable development goals: Issues and challenges. Journal of Islamic Finance, 11(2), 56–67. Retrieved from https://​journals.​iium.​edu.​my/​iiibf-journal/​index.​php/​jif/​article/​view/​690.
 
Metadata
Title
Contemporary Issues and Challenges in Islamic Social Finance
Authors
Sherin Kunhibava
Aishath Muneeza
Maryam Binti Khalid
Zakariya Mustapha
Thong Ming Sen
Copyright Year
2024
Publisher
Springer Nature Singapore
Book
Islamic Social Finance

Print ISBN: 978-981-9714-09-4

Electronic ISBN: 978-981-9714-10-0

Copyright Year: 2024

DOI
https://doi.org/10.1007/978-981-97-1410-0_8

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