Effective zakat management towards sustainability

Mohd Thas Thaker, Mohamed Asmy and Akbar, Mohamed Aslam and Mohammed, Mustafa Omar and Duasa, Jarita (2024) Effective zakat management towards sustainability. In: Islamic Finance and Sustainable Development: A Global Framework for Achieving Sustainable Impact Finance. Islamic Business and Finance Series (1). Routledge, Taylor & Francis Group, London, United Kingdom, pp. 109-119. ISBN 978-1-032-74307-3

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Abstract

Islamic Social Finance Institutions (ISFIs) have rapidly expanded over the past decades. This impressive growth is seen largely from the perspective of collection and distribution, reflecting the non-profit-oriented nature of the business entities. Despite ISFIs’ expansion, critics are of the opinion that ISFIs place little emphasis on achieving the Maqasid al Shari’ah, in spite of commendable efforts by regulators in Malaysia in harmonizing the ISFIs industry towards Maqasid al Shari’ah. This study aspires to develop a Maqasid al Shari’ah-based index by operationalizing the Maqasid framework of Imam al Ghazali. Based on this, an index will be developed to measure the performance of ISFIs in Malaysia. This study contributes to the literature by harnessing Al Ghazali frameworks to develop an index with respect to ISFIs’ performance evaluation. The Maqasid index is vividly anticipated to help the stakeholders to measure the extent to which the performance of ISFIs in Malaysia is in line with Maqasid al Shari’ah. This study is critical in line with the Malaysian government’s aspiration to make Malaysia an international hub for ISFIs.

Item Type:	Book Chapter
Subjects:	H Social Sciences > H Social Sciences (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics Kulliyyah of Economics and Management Sciences
Depositing User:	Dr Mohamed Asmy Bin Mohd Thas Thaker
Date Deposited:	02 May 2024 15:02
Last Modified:	12 Jul 2024 10:16
URI:	http://irep.iium.edu.my/id/eprint/112007

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