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Alternative financial instruments to riba interest and their role in distributing and redistributing the wealth in a just manner
Magda Ismail A. Mohsin; Rubi Ahmad; Aishath Muneeza (UM Press, 2023)

The failure of the capitalist system in financing with zero interest created a huge gap between the rich and the poor. According to the World Bank statistics of 2012 on Global Issues, more than 80% of the world's population live in countries where income inequality is very wide. As stated by the World Bank 20% of the poorest of the world's population accounts for less than 2% of the global wealth where 20% of the richest account for almost 77% of the global wealth in 2008. One of the main causes of this wealth inequalities is the lending with interest and which in turn increases the wealth of the minority rich and reduce the wealth of the mass. Such situation encourages the authors to look at the alternative financial system which has been recommended in Islam and which provides many financial products that can help not only in reducing the gap between the rich and the poor but can promote economic growth in a just sustainable manner. The main objectives of this book are to comprehensively discuss the Islamic financial products and the Islamic socio financial products using current practical cases besides highlighting their economic and social impact in various countries.

Islamic finance in Eurasia: the need for strategic change
M. K. Hassan; Paolo Biancone; Aishath Muneeza (Edward Elgar Publishing, 2024)

Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance's history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.

Harnessing the power of the stock market for social good: establishing an Islamic social stock exchange in Malaysia
Sharifah Nur Asilah Jasmine Binti Syed Mohamed Noor Azmi; Aishath Muneeza (New Millennium Discoveries, 2024)

This research investigates the feasibility and implications of introducing an Islamic Social Stock Exchange (SSE) in Malaysia by drawing insights from global SSE frameworks. The objectives of the research are to: analyze the concept and framework of SSEs in the United Kingdom, Spain, Singapore, and Canada; identify the benefits and impact of SSEs on social and economic development; study the possible challenges in introducing an Islamic SSE in Malaysia; and explore the public's appetite and motives to invest in such an exchange. Employing qualitative research methods, such as literature reviews, surveys, and interviews, the study unveils a spectrum of SSE frameworks, highlighting their diverse positive impacts on social and economic development. Simultaneously, challenges emerge in the realms of Shariah compliance, listing fees, and public awareness. The findings not only underscore the practical significance of these insights but also emphasize their pivotal role in shaping the potential development of an Islamic SSE in Malaysia. This research contributes to enriching shared understanding of global SSE practices, fostering progress in Malaysia's social, economic, and environmental spheres.

Blockchain sukuk to assist financing challenges facing microfinance in Indonesia
Sherin Kunhibava; Zakariya Mustapha; Maryam Khalid; Aishath Muneeza (Edward Elgar Publishing, 2024)

Indonesia's micro, small and medium enterprises (MSMEs) sector, with over 65 million businesses, is globally the largest. The sector accounts for more than 60 per cent of the country's GDP and employs over 97 per cent of its workforce. Yet, lack of access to finance due to the nature of the business, has constrained development of the sector. This study aims to examine usage of blockchain to aid microfinance and expedite MSMEs' access to finance in Indonesia. Employing qualitative research techniques, the study focuses on Baitul Maal Wa Tamwil's use of blockchain in providing micro sukuk for financing MSMEs. The study finds that using blockchain to offer microfinance services facilitates greater transparency about MSMEs, enables efficiency and accountability in their access to finance. It bridges the gap to MSMEs' access to finance, reduces cost of transactions and mitigates setbacks related to them. As blockchain drives the evolution of enterprises and microfinance institutions in Indonesia, regulatory bodies must stay abreast of these advancements to ensure that innovation progresses in tandem with appropriate regulations. As a learning experience, appropriate governance and legal framework needs to be phased in to accommodate blockchain, its peculiarities, and for it to foster financial access and deepen inclusion.

Islamic economics
M. Kabir Hassan; Aishath Muneeza (Oxford University Press, 2024)

Islamic economics is ethical as its principles are derived from the religion Islam that gives paramount consideration to application of moral principles in all aspects of human lives. As such, there is no need to mention the word ethics with Islamic economics to describe its moral dimension since ethical values are inherently included in Islamic economics. This chapter provides a basic overview of the lex loci applicable to Islamic economics, which is Shariah, in order to understand the Islamic world view surrounding the subject and its economic teachings derived from tawheed. Furthermore, the differences between an Islamic economic system, on the one hand, and socialism and capitalism, on the other hand, are also provided, followed by a discussion of Islamic economic governance via the institution of hisbab and the practice of Islamic economics in classical and contemporary times. This chapter aims to provide readers with an understanding of Islamic economics by presenting the theoretical foundations undergirding it contemporaneous practical application.