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Islamic social finance: relevance and recognition with responsibility

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Date
2017
SDG:
Abstract
The consistent growth of the global Islamic banking and finance has provided a niche market with solutions and financial inclusion through a well-defined Islamic ethos. Unfortunately, Islamic finance has been criticised for having diverted from its core principles of socio-economic empowerment and upliftment. As in mainstream interest-based finance, Islamic financing and advances rely on the customers' credit-worthiness and the ability to repay, inevitably supporting those with good credit standing to improve their financial status. But, how has Islamic finance improved the lot of the downtrodden? What about the ethical, socio-economic tenets that Islamic finance has so vociferously espoused? We are perhaps at the brink of a new era in Islamic finance, driven by a global appetite for socially responsible and ethical investment created by the hype from the UNPRI 61 and the more recent UNSDG 172.
Keywords
Islamic social finance , Islamic finance , Islamic banking
Citation
Mahomed, Ziyaad. (2017). Islamic social finance: relevance and recognition with responsibility. IF Hub, 7 (December 2017), pp. 15-18.
Publisher
INCEIF
DOI
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