Islamic Social Finance

Waqf, Endowment, and SMEs

Studies in Islamic Finance, Accounting and Governance series

Shafinar Ismail, Professor of Finance, Faculty of Business and Management, Universiti Teknologi MARA Melaka, Bandaraya Melaka, Malaysia, M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US and Suharni Rahmat, PhD, Faculty of Technology Management and Technopreneurship, Universiti Teknikal Malaysia Melaka, Malaysia

Islamic Social Finance provides an introduction to the Waqf system, which has played a significant socio-economic role throughout the history of Islamic civilization. In a contemporary framework, Waqf creates new networks between micro-entrepreneurs, Small and Medium Sized Enterprises (SMEs), and entrepreneurship through voluntary donations made by individuals in a society. In other contexts, Waqf supports the financial system and contributes to the UN sustainable development goals (SDGs).

‘The merits of Waqf Islamic endowments have been rediscovered in recent years and they are now found world-wide wherever there are Muslim communities. It is the adaptability of Waqf, including the ability to change the share of benefactors, which has encouraged many to become founders. Of particular interest is the experience of Southeast Asia, a focus of this book, from which lessons can be learnt.’
– Rodney Wilson, Durham University, UK

的作者提供一个comprehensive overview of the importance of Waqf financing to MSEs. In a post COVID-19 world, a wide array of economic solutions is needed to support entrepreneurs as economies recover from the devastating global pandemic. Situating this need within the global economy, the authors provide case examples from Malaysia and Indonesia, primarily, to support their argument. A very compelling and important look into ways socially conscious financial options can build back stronger economies.’
– Karen Hunt Ahmed, Nashville International Academy, US

‘Being one of the “purest” Islamic Finance branches, Waqf indeed could contribute enormously to achieving SDGs, such as eliminating poverty, reducing income inequality and other goals. In this book, Waqf, or to be exact contemporary Waqf, in the dynamic global scene, is presented in an interesting and clear way. The book demonstrates how it is able to help SMEs to not only grow and be sustainable, but also contribute to the economic growth of the nation, and strengthening of the society.’
– Baharom Abdul Hamid, INCEIF University, Malaysia

‘I highly recommend this book to academicians, practitioners, and policymakers to shape the post-pandemic landscape of Waqf and SMEs. The fascinating about this book is the way the authors present waqf roles in different sectors such as agriculture, education, tourism etc. and synthesizing it with capital market instruments such as REITS and stocks, promoting social development and sustainability.’
– Raditya Sukmana, Universitas Airlangga, Indonesia