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Analysing the roots of inflation in the Gambia: an Islamic approach
Adama Sowe; Magda Ismail Abdel Mohsin (International Research Centre of Islamic Economics and Finance (IRCIEF), Kolej Universiti Islam Antarabangsa Selangor (KUIS), 2023)

Inflation is a persistent problem in many countries, including the Gambia. This study aims to analyse the roots of inflation in The Gambia and propose an Islamic approach to resolving the issue. The study uses a secondary data analysis approach to identifythe root causes of inflation, analyse its effects on the economy and the population, and propose an Islamic path to resolving the issue. Principles of justice, fairness, and social welfare guide the study. The study finds that various factors, including government policies, supply shocks, and external factors, cause inflation in the Gambia. Inflation has negatively affected the economy and the population, increasing poverty and hardship. The study proposes an Islamic approach to resolving inflation in Gambia, which involves adopting Islamic economic models and principles. The study concludes by summarising the findings and providing recommendations for policymakers and stakeholders in Gambia.

Publication
Monetary policy, financial development and income inequality in developing countries
Mansor H. Ibrahim (World Scientific Publishing Co Pte Ltd, 2024)

The paper empirically examines the redistributive effect of monetary policy and assesses whether financial development plays any role in shaping monetary policy - inequality relations in developing countries. We uncover evidence supporting the redistributive consequences of monetary policy especially in more financially developed countries. We further note that while financial development raises income inequality in countries with low financial development, it leads to a reduction in income inequality in high financial development countries. As a side result, economic growth contributes favorably to income equalization in these countries. Finally, such financial indicators as financial access, financial efficiency and financial stability also condition the impacts of monetary policy on income distribution, although they are independently insignificant. Our results hint that the improvements in information and in efficiency rather than depth and access that would attenuate the negative impacts of contractionary monetary policy on income distribution.

Publication
Maldives allocates zakat fund overseas for first time, extending aid to Gaza
Aishath Muneeza (Redmoney, 2024)

In a historic move, the Maldives government has decided to allocate US$100,000 from the Maldives Zakat Fund to provide humanitarian aid to Gaza, Palestine. This decision, announced by Islamic Minister Dr Mohamed Shaheem Ali Saeed, marks the first time that funds from the Maldives Zakat Fund are being directed overseas. The assistance will be channeled to Gaza through the Qatari Red Crescent, with the Islamic Ministry having previously sent aid to Gaza twice through this organization. Dr Mohamed Shaheem stated that the US$100,000 will be sent to Gaza in two instalments, with the funds earmarked for purchasing food for the people of Gaza. He emphasized that this initiative is being carried out under the directive of the president.

Publication
Eyecare sukuk raises MVR26.07 million (US$1.68 million) for Hulhumale' eye center development
Aishath Muneeza (Redmoney, 2024)

EyeCare's parallel sukuk istisna facility has achieved significant success, raising 86% of its target amount, reaching MVR26.07 million (US$1.68 million). This sukuk facility, priced at MVR1,000 (US$64.4) per unit, aims to support the development of an eye center with a parking facility at Hulhumale'. The issuance, classified as a debt offering, attracted considerable interest from investors, signaling confidence in the project and its potential impact. With a targeted issue size of MVR30 million (US$1.93 million), the sukuk's strong performance underscores investor optimism in EyeCare's vision for enhancing eye care infrastructure. The issuance, characterized by a profit share ratio of 8% and a semi-annual return frequency, has garnered attention for its commitment to both financial sustainability and community development.

Publication
Empowering lives: UNFPA Malaysia ventures into the Islamic finance world
Asa Torkelsson; Aishath Muneeza (Redmoney, 2024)

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.