|Related Event||: 13th International Shari’ah Scholars Forum | ISSF13|
|Date||: 1st October 2018|
|Venue||: Kuala Lumpur, Malaysia|
Islamic social finance (ISF) is aimed at solving the problems of those who are less or underprivileged in the society by focusing on how the weak can be strengthened. The essence and core principle of ISF is towards a more equitable socio-economic development. ISF’s is to ensure there is a rapid reduction in poverty level of the population as the world grows bigger every day. Similarly, ISF is there to promote inclusive growth and reduced inequality in society.
Being a branch of Islamic finance, which has its underpinning basis rooted in the Shari’ah, the aims and objectives of ISF is not far from that of the Shari’ah. The Shari’ah, in summary, emphasises everything that can develop human life and sustain their existence on earth. By implication, ISF is aiming to achieve the objectives of Shari’ah (Maqasid).
Refraining from the riba is one of the concerns of Islamic finance, however, Islamic finance as a whole is a system that aims to contribute positively to the fulfilment of the socio-economic objectives of the society. In addition, Islamic finance guided by Maqasid Shariah; a system of ethics and values covering all aspects of life like personal, social, economic and intellectual.
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