THE PRACTICES OF ISLAMIC SOCIAL FINANCE IN SUDAN, INDONESIA AND MALAYSIA: ISSUES AND CHALLENGES

Authors

  • Dzuljastri Abdul Razak International Islamic University
  • Abdirahman Mousa Eldodo International Islamic University
  • Abdifatah Osman Ali International Islamic University
  • Abdullahi Omar Abdulkadir International Islamic University

Keywords:

Islamic Social Finance, Sustainable Development Goal, Indonesia, Malaysia and Sudan

Abstract

Islamic Social Finance (ISF) is an emerging area of study that emphasizes Zakat (alms), Waqf (property donated for religious or community use), and Sadaqa (charity). These concepts are also used towards the achievement of Sustainable Development Goals, namely SDG1 (no poverty), SDG2 (zero hunger), and SDG4 (quality education). This study has selected three countries, namely Indonesia, Malaysia, and Sudan, to examine the practices. The methodology used employs content analysis followed by interviews of scholars to confirm the variables for the research. The research revealed different practices and procedures for Zakat, Waqf, and Sadaqa carried out by these countries to address the issues concerned. The findings would be useful for academicians as a body of knowledge in ISF. It will also benefit the regulators in reviewing and setting up new policies and guidelines for adoption by the government and private institutions to address poverty, hunger, and education.

Published

2021-11-16