Overview of Islamic social finance

Magda Ismail Abdel Mohsin () and Aishath Muneeza ()

Chapter 1 in Inclusive Finance, 2025, pp 1-14 from Edward Elgar Publishing

Abstract: Islamic social finance (ISF) has emerged as a significant facet of the Islamic economic system, offering a unique approach to addressing socio-economic challenges. Rooted in Shariah principles, ISF integrates traditional instruments such as zakat, sadaqah, waqf, qard-hasan, and kafalah with contemporary financial tools like sukuk and Islamic microfinance. This dual approach ensures financial inclusivity, poverty alleviation, and sustainable development, aligning closely with the United Nations Sustainable Development Goals. ISF serves as a redistributive mechanism promoting equity, socio-economic justice, and empowerment, particularly among vulnerable populations. This chapter provides a comprehensive overview of ISF, tracing its historical evolution from early Islamic societies to its modern application. It highlights its transformative role in addressing global challenges, fostering sustainable economic growth, and contributing to a more compassionate and inclusive society.

Keywords: Equity; Islamic Economic System; Islamic Social Finance; Shariah Principles; Sustainable Development (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035348763
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