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Reforming Islamic Finance: Mainstreaming Underserved Segment and the Third Sector إصلاح التمويل الإسلامي: الشريحة غير المخدومة والقطاع الثالث

Author

Listed:
  • Daud Mustafa

    (Associate Professor, Department of Economics and Development Studies, Federal University Dutsin-Ma, Katsina State, Nigeria.)

Abstract
The paper of Rusni Hassan (2020) has raised fundamental issues on why and how reforming Islamic finance has become inevitable. Among the issues of interest raised are the underserved segment and the third sector, which are certainly germane to the reform agenda and process of Islamic finance in line with the maqasid al-Shariah. Being some of the major areas of emphasis in the paper, it has become very necessary in order to achieve the envisaged “shared prosperity” of humanity, especially in the Muslim world, which harbors the majority of the poverty-stricken citizens of the world, estimated at around 700 million people – who are living on less than US $2 a day. Hence, this paper posits that mainstreaming the underserved segment and the third sector shall bring about the realization of shared prosperity and sustainability of Islamic finance in the long-run, if given the desired priority and attention. Therefore, Islamic finance has the potential of playing a significant role in achieving the twin development objectives of ending global extreme poverty by 2030 and shared prosperity by raising the incomes of the bottom 40 percent of populations. In this regard, it is imperative for the practitioners and scholars of Islamic finance to come together to ensure the integration of the underserved segment, and the third sector in particular, in order to make Islamic finance contribute to the emergence of a shared prosperity society. أثارت ورقة روسني حسن قضايا أساسية حول الحاجة لإصلاح التمويل الإسلامي. ومن بين القضايا المثيرة للاهتمام التي طرحتها الورقة الشريحة غير المخدومة والقطاع الثالث، والتي تعد من القضايا الرئيسة المرتبطة بإصلاح التمويل الإسلامي بما يتماشى مع مقاصد الشريعة. ونظرا لكون هاتين القضيتين أبرز ما ركزت عليه الورقة، فقد اعتبرت معالجتهما شرطا ضروريا لتحقق "الازدهار المشترك" المتوخى للبشرية، خاصة في العالم الإسلامي الذي يضم غالبية الفقراء في العالم، والمقدر عددهم بنحو 700 مليون نسمة، يعيشون بأقل من دولارين أمريكيين في اليوم. وبناء عليه، تفترض هذه الورقة أن إعطاء الأولوية والاهتمام في عملية الإصلاح لكل من الشريحة غير المخدومة والقطاع الثالث سيؤدي إلى تحقيق الرخاء المشترك واستدامة التمويل الإسلامي على المدى الطويل. وإذا ما تحقق ذلك، فسيكون للتمويل الإسلامي دور مهم في تحقيق هدفي التنمية المتمثلين في إنهاء الفقر المدقع في العام بحلول عام 2030م وتحقيق الازدهار المشترك من خلال زيادة دخل أقل 40 في المائة من السكان. ولتحقيق هذا الدور المهم لابد من تكامل جهود الممارسين والعلماء في مجال التمويل الإسلامي لضمان إدماج الشريحة غير المخدومة وخاصة القطاع الثالث في عملية إصلاح التمويل الإسلامي.

Suggested Citation

  • Daud Mustafa, 2020. "Reforming Islamic Finance: Mainstreaming Underserved Segment and the Third Sector إصلاح التمويل الإسلامي: الشريحة غير المخدومة والقطاع الثالث," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 137-144, July.
    • Handle: RePEc:abd:kauiea:v:33:y:2020:i:2:no:10:p:137-144
    DOI: 10.4197/Islec.33-2.10
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    References listed on IDEAS

    as
    1. Rusni Hassan, 2020. "Reforming Islamic Finance: Why and How? إصلاح التمويل الإسلامي: لماذا و كيف؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 67-80, July.
    2. Tariqullah Khan, 2019. "Reforming Islamic Finance for Achieving Sustainable Development Goals إصلاح التمويل الإسلامي لتحقيق أهداف التنمية المستدامة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(1), pages 3-21, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Islamic finance reform; Maqasid al-Shariah; Underserved segment; Third sector; Muslim world. إصلاح التمويل الإسلامي. مقاصد الشريعة؛ الشريحة غير المخدومة؛ القطاع الثالث؛ العالم الإسلامي.;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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