A synthesis of the Islamic social finance for sustainable Islamic social enterprise: a four factor of production frame

• Main Authors: Olanrewaju, Aminu Sakiru, Shahbudin, Amirul Shah, Zakariyah, Habeebullah
• Format: Article
• Language: English
• Published: Journal of Critical Reviews 2020
• Subjects: HG3368 Islamic Banking and Finance
• Online Access: http://irep.iium.edu.my/86397/1/86397_Synthesis%20of%20the%20Islamic%20social%20finance.pdf; http://irep.iium.edu.my/86397/; http://www.jcreview.com/?mno=20058
• Institution: Universiti Islam Antarabangsa Malaysia

The Islamic Social Finance (ISF) of Zakat, Sodaqah and Waqaf are as old as the system of Islam and represent formidable social economic structures that redistribute wealth to reducing poverty in the society. These Islamic social finance institutions have for a long time been treated independently, which has thus limited their strengths to widen the scope competitively, evolve adjustable prototypes and sustainable Islamic Social Enterprises (ISE) that can reduce the incidence of poverty in the Muslims‟ societies to the barest minimum. In line with the objective of the Law Giver (Maqasid Shariah), this study seeks to stretch the boundary of Islamic social finance with a view to expanding the reach of these institutions taking contemporary needs of the people and societies into consideration. Specifically, this paper proposes a model that operationalizes the Islamic Social Finance institutions using the microeconomics Four Factors of Production (FFP) structures to upscale the practices of Islamic Social Enterprises within the Muslim countries and beyond.