Legal and Regulatory Framework for Islamic Social Finance: Issues and Solutions

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Author:
Year: 2018

Related Event : 13th International Shari’ah Scholars Forum | ISSF13
Date : 1st October 2018
Venue : Kuala Lumpur, Malaysia
Year : 2018

Abstract
Social finance is amongst the topics which was a major concern before Islamic period and society scholars had attempted to direct people’s economic activities towards mechanisms which improve social welfare in the society. Social finance is financing the activities which will result in improvement of people’s social welfare.
In Islamic finance some issues like zakah, waqf, qard al hasan and so on will end to wealth distribution in the society and proves the religion’s concern about such issues. Holy Quran in
several verses has emphasized on zakah or infaq and urged Muslims to look for the society’s betterment.
Herewith, regulatory and legal issues have great importance in structuring social finance. Moreover, if we consider relevant institutions in social finance and how there might be structural conflicts within those institutions, we will understand regulations’ importance better.
This article aims to study some legal and regulatory concerns in Islamic social finance and tries to identify some thoughts about them. We hope what is been authored provides some ideas to in order to facilitate Islamic social finance development in different societies. May Allah bless all Muslims in the world InshaAllah;


 

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