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Integrating Zakah, Awqaf and IMF for Poverty Alleviation: Three Models of Islamıc Micro Finance

Journal of Economic and Social Thought

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Title Integrating Zakah, Awqaf and IMF for Poverty Alleviation: Three Models of Islamıc Micro Finance
 
Creator HASSANAIN, Khalifa M; IRTT/IDB
 
Description Abstract. The objective of this paper is to present theoretical proposals for institutional structure in the context of Islamic Microfinance by first comparing Conventional and Islamic microfinance institutions and then by highlighting some of the pioneering work of conventional microfinance models that paved the way for Islamic Microfinance. In this paper, we review the literature of micro finance models that simultaneously deals with several facets of poverty by combining Waqf and Zakah principles together or individually. There are three models examined in this paper. Waqf-Based Islamic Microfinance Institutions, a Model of Zakah and Awqaf-based MF Organizations and an Integrated Awqaf and Zakah Model of Microfinance. Both Zakah and Waqf mechanisms are considered for Islamic microfinance not only because of their frameworks that are in accordance to the Shariah but they are the original concepts provided in Islam that serve people in need i.e the poor. In tandem with the doctrine of microfinance, Zakah and Waqf are seen as tools best suited to assist the poor who require financing and ultimately could be effective for poverty reduction. The paper derives recommendation for integrating microfinance models into the overall economic policy.Keywords. Awqaf Funds, Monetary waqf, Zakah, Microfinance, Islamic Microfinance and Poverty.JEL. G21, I31.
 
Publisher Journal of Economic and Social Thought
Journal of Economic and Social Thought
 
Contributor —
 
Date 2015-09-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JEST/article/view/394
10.1453/jest.v2i3.394
 
Source Journal of Economic and Social Thought; Vol 2, No 3 (2015): September; 193-211
Journal of Economic and Social Thought; Vol 2, No 3 (2015): September; 193-211
2149-0422
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JEST/article/view/394/505
 
Rights Copyright (c) 2015 Journal of Economic and Social Thought
http://creativecommons.org/licenses/by-nc/4.0