Description
Book SynopsisIslamic Social Finance provides an introduction to the Waqf system, which has played a significant socio-economic role throughout the history of Islamic civilization. In a contemporary framework, Waqf creates new networks between micro-entrepreneurs, Small and Medium Sized Enterprises (SMEs), and entrepreneurship through voluntary donations made by individuals in a society. In other contexts, Waqf supports the financial system and contributes to the UN sustainable development goals (SDGs).
The authors explore the relationship between the roles Waqf plays in realizing the SDGs, its contributions in many sectors of the economy, and the Waqf practices among the Southeast Asia countries, particularly Malaysia. They highlight the existing Waqf models and framework that have been used by many countries for entrepreneurship that can be used or adapted for the benefits of SMEs.
This book is a comprehensive overview for academics, postgraduate students, entrepreneurs, and policy makers who wish to understand how Waqf can contribute to the economic progress of individuals and society at large.
Trade Review‘The merits of Waqf Islamic endowments have been rediscovered in recent years and they are now found world-wide wherever there are Muslim communities. It is the adaptability of Waqf, including the ability to change the share of benefactors, which has encouraged many to become founders. Of particular interest is the experience of Southeast Asia, a focus of this book, from which lessons can be learnt.’ -- Rodney Wilson, Durham University, UK
‘The authors provide a comprehensive overview of the importance of Waqf financing to MSEs. In a post COVID-19 world, a wide array of economic solutions is needed to support entrepreneurs as economies recover from the devastating global pandemic. Situating this need within the global economy, the authors provide case examples from Malaysia and Indonesia, primarily, to support their argument. A very compelling and important look into ways socially conscious financial options can build back stronger economies.’ -- Karen Hunt Ahmed, Nashville International Academy, US
‘Being one of the “purest” Islamic Finance branches, Waqf indeed could contribute enormously to achieving SDGs, such as eliminating poverty, reducing income inequality and other goals. In this book, Waqf, or to be exact contemporary Waqf, in the dynamic global scene, is presented in an interesting and clear way. The book demonstrates how it is able to help SMEs to not only grow and be sustainable, but also contribute to the economic growth of the nation, and strengthening of the society.’ -- Baharom Abdul Hamid, INCEIF University, Malaysia
‘I highly recommend this book to academicians, practitioners, and policymakers to shape the post-pandemic landscape of Waqf and SMEs. The fascinating about this book is the way the authors present waqf roles in different sectors such as agriculture, education, tourism etc. and synthesizing it with capital market instruments such as REITS and stocks, promoting social development and sustainability.’ -- Raditya Sukmana, Universitas Airlangga, Indonesia
Table of ContentsContents: Forewords Introduction to Islamic Social Finance 1. The concept of waqf 2. The role of waqf in sustainable economic development 3. Waqf contributions to sectors 4. Exploring waqf practices in Southeast Asia 5. Waqf development in Malaysia 6. Waqf for small and medium enterprises Bibliography Index
