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Empowering lives: UNFPA Malaysia ventures into the Islamic finance world

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Date
2024
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Abstract
In June 2023, the United Nations Population Fund (UNFPA), Selangor Islamic University and Yayasan KUIS signed an MoU to begin their collaborative journey towards integrating Islamic finance to holistically address vital social issues such as domestic violence , access to education and developing an intergenerational elderly care model. This initiative, driven by Maqasid Shariah principles, reflects a commitment to ethical and universally accepted objectives. The selection of areas - financial empowerment for survivors, education for children and elderly care - was underpinned by Shariah justification. The project aligns seamlessly with Maqasid Shariah, upholding human dignity, protecting lineage and preserving life. This alignment provides a robust ethical foundation, ensuring that the initiatives resonate with the broader principles of Islamic finance. Crafting sustainable initiatives posed the next challenge. The Work Kafalah Program, focusing on economic empowerment for survivors, and the Orange Fund Initiative, catering to the educational needs of survivors' children, took shape. Additionally, the Community Credit Intergenerational Model (CCIM) was proposed for elderly care. Each initiative was meticulously designed to not only address immediate needs but to foster long-term sustainability.
Keywords
United Nations Population Fund (UNFPA) , MoU , Social issues , Sustainability , Maqasid Shariah
Citation
Torkelsson, A., & Muneeza, A. (2024). Empowering lives: UNFPA Malaysia ventures into the Islamic finance world. Islamic Finance News, 21(16), 18-19.
Publisher
Redmoney
DOI
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Empowering_lives_UNFPA_Malaysia_ventures_into_the_Islamic_finance_world_Asa Torkelsson_Aishath Muneeza.pdf

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Aishath Muneeza

muneeza@inceif.org

Associate Dean, Students & Internationalisation