Integrating financial inclusion and saving motives into institutional zakat practices

Ak Md Hasnol Alwee Pg Md Salleh

International Journal of Islamic and Middle Eastern Finance and Management, 2015, vol. 8, issue 2, 150-170

Abstract: Purpose - – The purpose of this paper is to identify how zakat institutions in Brunei can facilitate financial inclusion into their practices and assist to fulfil the saving motives of zakat recipients, notably upon creating financial products/solutions for the poor and destitute. Design/methodology/approach - – Using mixed methods approach, structured interviews were conducted with 431 individuals (215 welfare recipients and 216 non-welfare recipients) and semi-structured interviews were conducted with 39 welfare recipients. Findings - – This paper highlights the need for bank accounts and credit facilities that meet the needs of welfare recipients, to fulfil their daily needs, as well as saving for children/grandchildren’s education, and for welfare recipients who save. Research limitations/implications - – Limitation includes non-random sampling. Practical implications - – The implications of these findings point out how zakat and other social institutions in Islam can adapt to contemporary challenges in personal finance, notably in facilitating financial inclusion and understanding saving motives of recipients. Originality/value - – This paper provides a perspective and contention for zakat institutions to adapt to contemporary aspects of personal finance, through facilitating financial inclusion and the saving motives of zakat recipients.

Keywords: Financial exclusion; Saving motives; Zakat (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:v:8:y:2015:i:2:p:150-170

DOI: 10.1108/IMEFM-12-2013-0126

Access Statistics for this article

International Journal of Islamic and Middle Eastern Finance and Management is currently edited by Prof M. Kabir Hassan

More articles in International Journal of Islamic and Middle Eastern Finance and Management from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().