The Impact of the Islamic Financial Wills System on Achieving Sustainable Social Development

Abdel Aziz Shaker Hamdan Al Kubaisi ()
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Abdel Aziz Shaker Hamdan Al Kubaisi: College of Humanities and Social Sciences, United Arab Emirates University, Al Ain P.O. Box 15551, United Arab Emirates

Sustainability, 2024, vol. 16, issue 15, 1-13

Abstract: Wills within the legislative+ system for donation contracts are considered highly beneficial and have a great impact on both testators and legatees. They hold financial and value dimensions aimed at linking today’s generation with future generations, perpetuating humanitarian work, and extending it beyond death. Consequently, wills, along with other charitable resources such as endowments, constitute significant channels that can contribute to achieving sustainable development in societies. This study aims to illustrate the impact of the relationship between wills and sustainable development. It highlights the importance of wills for societal advancement, noting that they are no less important than endowment systems. This study concludes that the legislation of wills is among systems that encompass intergenerational ties; strengthen social cohesion; elevate societies by maintaining ties of kinship; improve the conditions of financially and socially disadvantaged people; provide education and healthcare for the underprivileged; and foster intergenerational bonds in the forms of compassion, empathy, and integration. Moreover, wills grant individuals participation in shaping a better future for forthcoming generations, in addition to alleviating the suffering caused by poverty and striving for self-sufficiency, social care, and education, thereby embodying the economic and social dimensions of sustainable development.

Keywords: will; social development; sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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