LACK OF INTERNATIONAL MODELS FOR ISLAMIC FINANCE HINDERS DEVELOPMENT OF THIS MAJOR CHARITABLE RESOURCE
June 30th, 2022
A lack of common international Islamic financial regulatory system is hindering the development of Islamic social finance instruments, causing a dearth of good practice solutions that could effectively fight poverty, say experts.
In the February 2021 issue of the ISRA (International Shari’ah Research Academy) International Journal of Islamic Finance, Abdulsalam Ahmed Sawmar and his co-authors say one key element of Muslim charity – zakat (obligatory charity) - historically, “has been an integral part of the Islamic economic system because of its sizable ...
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