Islamic social finance and the imperative for social impact measurement

This paper aims to highlight the imperative of social impact measurements in Islamic finance by exploring the growing interest of Islamic social finance and social impact. From critical review of literature, the paper finds that despite the tremendous growth of the Islamic finance industry, little...

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Main Authors:	Syed Azman, Syed Marwan Mujahid, Engku Ali, Engku Rabiah Adawiah
Format:	Article
Language:	English English
Published:	IIUM Press, International Islamic University Malaysia 2019
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/75630/ http://irep.iium.edu.my/75630/ http://irep.iium.edu.my/75630/7/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement.pdf http://irep.iium.edu.my/75630/13/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement%20-%20scopus.pdf

id	iium-75630
recordtype	eprints
spelling	iium-756302020-02-26T19:08:49Z http://irep.iium.edu.my/75630/ Islamic social finance and the imperative for social impact measurement Syed Azman, Syed Marwan Mujahid Engku Ali, Engku Rabiah Adawiah HG3368 Islamic Banking and Finance This paper aims to highlight the imperative of social impact measurements in Islamic finance by exploring the growing interest of Islamic social finance and social impact. From critical review of literature, the paper finds that despite the tremendous growth of the Islamic finance industry, little is known about how Islamic finance institutions measure their social values, and how they report their social impact. The ongoing criticisms of Islamic finance failing to fulfil its “raison d’etre” and underlying objectives provides an indication of that there is a gap between its theory and practice. More focus towards developing Islamic social finance and integrating Islamic financial instruments with the mainstream social finance spectrum may help address these criticisms. In doing so, the paper posits the need to expand the definition of Islamic social finance beyond just zakāt, waqf and Islamic microfinance. Furthermore, the paper also proposes that mechanisms or frameworks for Islamic financial institutions to measure the social impact of their operations, products and services should be developed to realise the full potential of Islamic finance. This can be done through a stakeholder-based approach and assimilating frameworks of Value-Based Intermediation, Maqāṣid al-Sharīʽah, and Sustainable Development Goals. IIUM Press, International Islamic University Malaysia 2019-10-05 Article PeerReviewed application/pdf en http://irep.iium.edu.my/75630/7/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement.pdf application/pdf en http://irep.iium.edu.my/75630/13/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement%20-%20scopus.pdf Syed Azman, Syed Marwan Mujahid and Engku Ali, Engku Rabiah Adawiah (2019) Islamic social finance and the imperative for social impact measurement. Al-Shajarah: Journal of The International Institute of Islamic Thought and Civilization (ISTAC), Special Issue: Islamic Banking and Finance. pp. 43-68. ISSN 1394-6870 https://journals.iium.edu.my/shajarah/index.php/index
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Syed Azman, Syed Marwan Mujahid Engku Ali, Engku Rabiah Adawiah Islamic social finance and the imperative for social impact measurement
description	This paper aims to highlight the imperative of social impact measurements in Islamic finance by exploring the growing interest of Islamic social finance and social impact. From critical review of literature, the paper finds that despite the tremendous growth of the Islamic finance industry, little is known about how Islamic finance institutions measure their social values, and how they report their social impact. The ongoing criticisms of Islamic finance failing to fulfil its “raison d’etre” and underlying objectives provides an indication of that there is a gap between its theory and practice. More focus towards developing Islamic social finance and integrating Islamic financial instruments with the mainstream social finance spectrum may help address these criticisms. In doing so, the paper posits the need to expand the definition of Islamic social finance beyond just zakāt, waqf and Islamic microfinance. Furthermore, the paper also proposes that mechanisms or frameworks for Islamic financial institutions to measure the social impact of their operations, products and services should be developed to realise the full potential of Islamic finance. This can be done through a stakeholder-based approach and assimilating frameworks of Value-Based Intermediation, Maqāṣid al-Sharīʽah, and Sustainable Development Goals.
format	Article
author	Syed Azman, Syed Marwan Mujahid Engku Ali, Engku Rabiah Adawiah
author_facet	Syed Azman, Syed Marwan Mujahid Engku Ali, Engku Rabiah Adawiah
author_sort	Syed Azman, Syed Marwan Mujahid
title	Islamic social finance and the imperative for social impact measurement
title_short	Islamic social finance and the imperative for social impact measurement
title_full	Islamic social finance and the imperative for social impact measurement
title_fullStr	Islamic social finance and the imperative for social impact measurement
title_full_unstemmed	Islamic social finance and the imperative for social impact measurement
title_sort	islamic social finance and the imperative for social impact measurement
publisher	IIUM Press, International Islamic University Malaysia
publishDate	2019
url	http://irep.iium.edu.my/75630/ http://irep.iium.edu.my/75630/ http://irep.iium.edu.my/75630/7/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement.pdf http://irep.iium.edu.my/75630/13/75630%20-%20Islamic%20Social%20Finance%20and%20Imperative%20for%20Impact%20Measurement%20-%20scopus.pdf
first_indexed	2023-09-18T21:46:59Z
last_indexed	2023-09-18T21:46:59Z
_version_	1777413515978473472

Islamic social finance and the imperative for social impact measurement

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