Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects
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 socio-eco...
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| Format: | Conference or Workshop Item |
| Language: | English |
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2022
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| Online Access: | https://repo.uum.edu.my/id/eprint/29939/1/UUM%20IQRC%202022_105_112.pdf |
| _version_ | 1825806085912526848 |
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| author | Sulub, Yasin Ahmed |
| author_facet | Sulub, Yasin Ahmed |
| author_sort | Sulub, Yasin Ahmed |
| collection | UUM |
| description | 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 socio-economic 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. |
| first_indexed | 2024-07-04T06:43:12Z |
| format | Conference or Workshop Item |
| id | uum-29939 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:43:12Z |
| publishDate | 2022 |
| record_format | eprints |
| spelling | uum-299392023-11-15T10:32:05Z https://repo.uum.edu.my/id/eprint/29939/ Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects Sulub, Yasin Ahmed HG Finance 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 socio-economic 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. 2022 Conference or Workshop Item PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/29939/1/UUM%20IQRC%202022_105_112.pdf Sulub, Yasin Ahmed (2022) Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects. In: UUM International Qualitative Research Conference (QRC), 28 - 30 November 2022, Virtual Conference. |
| spellingShingle | HG Finance Sulub, Yasin Ahmed Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title | Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title_full | Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title_fullStr | Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title_full_unstemmed | Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title_short | Exploring Islamic Social Finance Practices in Somaliland: Issues and Prospects |
| title_sort | exploring islamic social finance practices in somaliland issues and prospects |
| topic | HG Finance |
| url | https://repo.uum.edu.my/id/eprint/29939/1/UUM%20IQRC%202022_105_112.pdf |
| work_keys_str_mv | AT sulubyasinahmed exploringislamicsocialfinancepracticesinsomalilandissuesandprospects |