1,720,998 research outputs found
Environmental Waqf for climate action in the light of Maqasid al-‘Imran: (Hifz al-‘Imran or Hifz al-Bi’ah)
Full text linkEnvironmental degradation has become one of the most pressing global challenges, impacting the entire planet. One of the potential solutions is Waqf, which can contribute significantly to environmental sustainability, including forest restoration and renewable energy development. Hence, this study aims to explore the role of environmental Waqf in addressing climate change, with a focus on the Hifz al-‘Imran (protection of the environment), and to highlight its potential to contribute to effective climate action. The study concludes that Hifz al-‘Imran can provide a strong conceptual foundation for aligning environmental conservation and climate action with the higher objectives of Islamic law
Social impact bonds in light of maqasid al-shari‘ah and maslahah
No full textThis paper looks into the concept of Social Impact Bond (SIB) and its underlying
principles with regards to the Islamic values embodied within the components of
maqasid al-Shari‘ah and maslahah. Using various literatures related to the study
of maqasid al-Shari’ah and maslahah, as well as researches related to SIB, the
paper attempts to delineate the elements embedded within the theoretical practice
of SIB and look at them from an Islamic perspective.
The paper explicates that the SIB is a model that epitomises the ethical and moral
framework of Islamic law, as the elements of SIB are congruent with the concepts
within maqasid al-Shari’ah and maslahah. The paper provides some insight of
the concept of SIB as an alternative social financing model. As SIB embody the
values that Islam teaches, this model should be looked into by organisations such
as Islamic banks and Islamic financial institutions whose philosophical foundation
is built upon the principles of maqasid al-Shari’ah and maslahah
Coming together: a comprehensive overview of the transdisciplinary perspectives of school belonging
Full text linkDefinitions of belonging vary across different disciplines. But despite the differences in perspectives, each field recognizes the value of belonging particularly in schools. School belonging is associated with positive social and academic outcomes and overall well-being. However, a large proportion of students worldwide have a low sense of belonging and many feel that they do not belong. This chapter will discuss how belonging is defined, its importance for students and the issues related to school belonging through an innovative transdisciplinary lens. This chapter is the first of its kind to integrate the concepts of different transdisciplinary conversations to improve the understanding of school belonging and present potential solutions through collaborations among researchers and educators in different fields
Misconception Of Zakat And Distributive Justice In Islam: Case Study Of Zakat Institutions In Malaysia
Full text linkThe COVID-19 pandemic caused a multidimensional crisis in health, economic, social, and lifestyle due to the pandemic. Many people in various countries endure hardships and struggle to make ends meets. Hence, as an Islamic social fund, zakat plays a role in mitigating this problem by assisting communities directly affected by it. This study investigates the role of zakah and addresses the issues related to zakat misconceptions and management by demonstrating the importance of zakat through a variety of evidence undertaken by zakat institutions during the pandemic. This study adopts a qualitative research method by using secondary data and analytical approaches to achieve its objectives. Zakat distribution programmes conducted by all zakat institutions in Malaysia for zakat beneficiaries affected by Covid-19 have been one of the study’s most important findings. This highlights the viability of zakat principles as one of Islam’s distributive justice mechanisms in assisting and alleviating the burden imposed on society, particularly those in the asnaf categories due to the Covid-19 pandemic’. The study is limited to the focus on the zakat mechanism in the context of distribution justice from the Islamic perspective
Malaysia’s pivot: navigating Trump’s return for growth and stability
No full textDECEMBER 3 — The 45th US President, Donald Trump, is set to return to the White House as the 47th President following his victory in the recent US presidential election. Countries across Asia including Malaysia, are recalibrating their economic and strategic approaches. With the possibility of significant changes in U.S. policy on trade and security, Malaysia stands at a crossroads. How can the country leverage its strengths to navigate potential disruptions while positioning itself to benefit economically, socially, and on the global stage
Does doing good pay off? Social impact bonds and lessons for Islamic finance to serve the real economy
No full textPurpose – The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons
that can be learned for the Islamic finance industry to fulfil its true objectives.
Design/methodology/approach – The Peterborough SIB was recently announced to be successful in
achieving its targeted social and investment outcomes, reducing recidivism by 9 per cent and paying back
investors a 3 per cent pa return. The paper compares Peterborough SIB with socially responsible investment
(SRI) sukuk in terms of form and substance, and finds that there are various lessons from the Peterborough
SIB that can be useful for future development of Islamic financial products.
Findings – Innovative social financial tools such as SIB exemplify the true spirit of risk sharing and social
responsibility, which is arguably missing in current practices of the Islamic finance industry. With the growing
interest towards SRI strategies and increase in socially motivated investors, such financial tools may not only
help the sustainable growth of the Islamic finance industry, but also fill in the gap between its theory and practice.
Practical implications – As such, the paper also proposes a social impact sukuk model which integrates the
key aspects learned from Peterborough SIB. This includes prioritising social impact, measurable success
indicators, data and management systems, flexible contracts, third sector integration, risk sharing and
fostering the culture of innovation.
Originality/value – The findings can offer some practical insights in dealing with the issue of Islamic
finance practice being overly concerned with its formal adherence with Islamic legal rules whilst neglecting
its true fundamental values
Social impact measurement of Waqf: case study of Waqf organisations in Karnataka, India
No full textSocial Impact Measurement (SIM) is a crucial procedure for assessing and validating the social impact of various activities. Within this context, Waqfendeavours to fulfil Maqasid al-Shari’ah, encompassing the pursuit of Sustainable Development Goals (SDGs). Nevertheless, the absence of a robust mechanism to verify and measure the impact of Waqf, particularly in India, remains a significant challenge. Existing literature on Waqfin India predominantly focuses on administrative issues, neglecting impact assessment. This research aims to explore the current SIM mechanisms implemented by Waqf organisations in Karnataka, India. Furthermore, this study proposes potential mechanisms that Waqf administrators can leverage to streamline impact assessment andreduce the workload and expenses of Waqforganisations Identifying the existing mechanisms serves as a preliminary step towards the efficient development of a SIM framework for Waqfin Karnataka, empowering Waqfadministrators. By employing content and thematic analysis methods, as well as interviews with Waqf organisations, the study uncovers that despite Waqf's contributions towards achieving numerous Maqasid al-Shari’ahand SDGs in Karnataka, the organisationshave not maximised their full potential in measuring and reporting these impacts to relevant stakeholders
Green Sukuk: issues, challenges and the way forward
No full textThis chapter explores Green Sukuk, a Shari’ah-compliant financial instrument designed to promote investments in renewable energy and environmental assets. It addresses the key challenges and opportunities of Green Sukuk, including issues related to institutional frameworks, market dynamics, and regulatory structures. By employing a systematic literature review (SLR) following PRISMA guidelines, the study identifies significant barriers such as limited green taxonomy, high issuance costs, and greenwashing risks. It categorises challenges across three phases: issuance, allocation, and reporting, providing detailed insights into sub-issues like governance quality, political instability, and regulatory harmonisation. The findings underscore the potential of Green Sukuk to bridge gaps between Islamic finance and global sustainability goals, while calling for standardisation, enhanced awareness, and supportive policies to expand its adoption. This analysis contributes to the academic discourse on sustainable finance and informs policymakers and practitioners about the strategies needed to harness Green Sukuk’s full potential in achieving climate resilience and sustainable development
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