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Islamic social finance in addressing poverty and economic growth: using structural equation modelling

Islamic social finance is one of the sources of funds in the Islamic economic system. It refers to voluntary philanthropic activities that have a unique presence in Islam. Islamic law is the first to define and regulate Zakat and Waqfs as civil society institutions. Currently, microcredit and micr...

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Main Authors: Muhammad, Tijjani, Al-Shaghdari, Fahd Mohammed Obad
Format: Article
Language:English
Published: USIM Press 2023
Subjects:
BPH72 Economic development. Growth. Sustainable development. Sustainability
Online Access:http://irep.iium.edu.my/109757/7/109757_Islamic%20social%20finance%20in%20addressing%20poverty%20and%20economic%20growth.pdf
http://irep.iium.edu.my/109757/
https://jmifr.usim.edu.my/index.php/jmifr/issue/view/31
https://doi.org/10.33102/jmifr.529
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spelling my.iium.irep.1097572024-01-08T04:40:11Z http://irep.iium.edu.my/109757/ Islamic social finance in addressing poverty and economic growth: using structural equation modelling Muhammad, Tijjani Al-Shaghdari, Fahd Mohammed Obad BPH72 Economic development. Growth. Sustainable development. Sustainability Islamic social finance is one of the sources of funds in the Islamic economic system. It refers to voluntary philanthropic activities that have a unique presence in Islam. Islamic law is the first to define and regulate Zakat and Waqfs as civil society institutions. Currently, microcredit and microfinance programs are unsuccessful in reducing poverty and income inequality in Northern Nigeria. Islamic social finance institutions are promoting programs such as offering free education, scholarships, free medical care, and orphanage activities around the globe. However, in Nigeria, such Islamic social finance is currently growing slowly. This paper investigates people's perception of reducing poverty and promoting sustainable economic development in Northern Nigeria. The study employed random sampling using Structural Equation Modeling (SEM) for the analysis. Findings indicate the relationship between Waqf and sustainable economic development and Zakat and sustainable economic development as a direct effect. The findings indicated that Waqf and Zakat significantly reduce poverty, and Poverty reduction promotes and enhances sustainable economic development in Northern Nigeria. The study further suggests and recommends that the Northern states, where the majority of the citizens are Muslim, deserve serious consideration for developing Zakat and Waqf institutions in the region to assist in reducing the vulnerable group in society. USIM Press 2023-12-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/109757/7/109757_Islamic%20social%20finance%20in%20addressing%20poverty%20and%20economic%20growth.pdf Muhammad, Tijjani and Al-Shaghdari, Fahd Mohammed Obad (2023) Islamic social finance in addressing poverty and economic growth: using structural equation modelling. Journal of Muamalat and Islamic Finance Research, 20 (2). pp. 179-191. ISSN 1823-075X E-ISSN 2948-5266 https://jmifr.usim.edu.my/index.php/jmifr/issue/view/31 https://doi.org/10.33102/jmifr.529
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic BPH72 Economic development. Growth. Sustainable development. Sustainability
spellingShingle BPH72 Economic development. Growth. Sustainable development. Sustainability
Muhammad, Tijjani
Al-Shaghdari, Fahd Mohammed Obad
Islamic social finance in addressing poverty and economic growth: using structural equation modelling
description Islamic social finance is one of the sources of funds in the Islamic economic system. It refers to voluntary philanthropic activities that have a unique presence in Islam. Islamic law is the first to define and regulate Zakat and Waqfs as civil society institutions. Currently, microcredit and microfinance programs are unsuccessful in reducing poverty and income inequality in Northern Nigeria. Islamic social finance institutions are promoting programs such as offering free education, scholarships, free medical care, and orphanage activities around the globe. However, in Nigeria, such Islamic social finance is currently growing slowly. This paper investigates people's perception of reducing poverty and promoting sustainable economic development in Northern Nigeria. The study employed random sampling using Structural Equation Modeling (SEM) for the analysis. Findings indicate the relationship between Waqf and sustainable economic development and Zakat and sustainable economic development as a direct effect. The findings indicated that Waqf and Zakat significantly reduce poverty, and Poverty reduction promotes and enhances sustainable economic development in Northern Nigeria. The study further suggests and recommends that the Northern states, where the majority of the citizens are Muslim, deserve serious consideration for developing Zakat and Waqf institutions in the region to assist in reducing the vulnerable group in society.
format Article
author Muhammad, Tijjani
Al-Shaghdari, Fahd Mohammed Obad
author_facet Muhammad, Tijjani
Al-Shaghdari, Fahd Mohammed Obad
author_sort Muhammad, Tijjani
title Islamic social finance in addressing poverty and economic growth: using structural equation modelling
title_short Islamic social finance in addressing poverty and economic growth: using structural equation modelling
title_full Islamic social finance in addressing poverty and economic growth: using structural equation modelling
title_fullStr Islamic social finance in addressing poverty and economic growth: using structural equation modelling
title_full_unstemmed Islamic social finance in addressing poverty and economic growth: using structural equation modelling
title_sort islamic social finance in addressing poverty and economic growth: using structural equation modelling
publisher USIM Press
publishDate 2023
url http://irep.iium.edu.my/109757/7/109757_Islamic%20social%20finance%20in%20addressing%20poverty%20and%20economic%20growth.pdf
http://irep.iium.edu.my/109757/
https://jmifr.usim.edu.my/index.php/jmifr/issue/view/31
https://doi.org/10.33102/jmifr.529
_version_ 1787520342200156160
score 13.211869

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