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Mitigating inflation via Islamic finance, Islamic social finance: the case of Malaysia

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Date
2023
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Abstract
The aim of this paper is to highlight the current practices of Islamic finance IF and Islamic social finance ISF in mitigating inflation in Malaysia. This study used a descriptive qualitative method collected from secondary data consisting of documents relate to the subject matter at hand. The type of documents used are published articles, reports, journals, and websites. Islamic finance IF & Islamic social finance ISF offers various financial products that help to eliminate riba/interest from society, circulate the wealth from the have to the have not in an ethical approach, hence, stabilizing prices and mitigating inflation. This paper is a conceptual study which does not aim to empirically examine the issues but provide successful cases to be adopted by Muslim countries in eliminating riba/interest from their societies and hence mitigating inflation. This paper does not only presents the Islamic approach in mitigating inflation, but it provides current practical cases in achieving so. So, this paper will be of great interest to students/researchers/economist/financial institutions and policy makers. Islamic finance IF & Islamic social finance ISF are based on principles deduced from the Quran and Sunnah and which need to be implemented in Muslim societies not only for mitigating inflation but for achieving social justice for all.
Keywords
Islamic finance , Monetary policy , Fiscal policy , Social finance , Zakat , Waqf
Citation
A. Mohsin, M. I. (2023). Mitigating inflation via Islamic finance, Islamic social finance: the case of Malaysia. In A. Mursidi, A. M. Tahir, S. H. Suffarruddin, N. Rahim, M. A. A. Al-Zaqeba, & M. I. H. Kamaruddin (Eds.), 10th International Islamic Economic System Conference 2023 (I-IECONS 2023) E-Proceedings (pp. 765 777). Negeri Sembilan, Malaysia: Fakulti Ekonomi dan Muamalat Universiti Sains Islam Malaysia. https://doi.org/10.33102/iiecons.v10i1.91
Publisher
Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia
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