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Article
Publication date: 29 January 2020

Nurudeen Abubakar Zauro, Nurudeen Abubakar Zauro, Ram Al Jaffri Saad and Norfaiezah Sawandi

The purpose of this paper is to discuss the roles of Zakat, Sadaqah and Qardhul Hassan within the context of the existing literature as major Islamic financial instruments for…

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Abstract

Purpose

The purpose of this paper is to discuss the roles of Zakat, Sadaqah and Qardhul Hassan within the context of the existing literature as major Islamic financial instruments for enhancing socio-economic justice amongst Muslims haves and have-nots as these enhance financial inclusion in Nigeria.

Design/methodology/approach

The discussion in this paper is based on secondary sources such as the divine knowledge contained in the Qur’an, Hadiths and the existing literature, such as previously conducted empirical studies and Islamic world view (Tawhidi epistemology).

Findings

This paper implores Islamic societies to use Zakat, Sadaqah and Qardhul Hassan as instruments that encourages wealth redistribution that promotes efficient and effective wealth redistribution between haves and have-nots as part of the vicegerent (khaliphah) role between mortal being (human) and his immortal creator (Allah). This paper concludes by suggesting the use of these Islamic financial instruments as means to enhance socio-economic justice and financial inclusion in the Nigeria’s Muslims’ communities that are negatively affected by the high rate of financial exclusion and poverty as had been previously practiced in the Muslim world throughout the Islamic history.

Research limitations/implications

This paper provides critical suggestions on the ways Zakat, Sadaqah and Qardhul Hassan will contribute significantly towards assisting Nigeria in achieving its vision of reducing the financial exclusion rate that is currently put at 41.6% to 20% by the year 2020 and may foster inclusive growth and sustainable development. However, the limitation is that it is a mare conceptual study, and the future researchers may subject it to the scientific test to offer empirical evidence regarding the roles of Zakat, Sadaqah and Qardhul Hassan towards closing the gap of financial exclusion in Nigeria.

Originality/value

This paper contributes to the existing literature on the doctrine of the Islamic moral economy by recommending the adoption of Islamic financial instruments as tools for enhancing income redistribution and financial inclusion.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 3
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 11 August 2020

Nurudeen Abubakar Zauro, Ram Al Jaffri Saad, Aidi Ahmi and Mohd Yahya Mohd Hussin

This paper aims to discuss the role of Waqf as a means of enhancing financial inclusion and socio-economic justice in Nigeria.

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Abstract

Purpose

This paper aims to discuss the role of Waqf as a means of enhancing financial inclusion and socio-economic justice in Nigeria.

Design/methodology/approach

The methodology in this paper is that the data were elicited from secondary sources such as the Al-Qur’an, Hadiths and other empirical studies in the existing literature. The Tawhidi epistemology (Islamic world view) also has been obtained to deliver better understanding on the findings.

Findings

The paper implores Islamic societies to take advantages of integrating Waqf to support the financing needs of disadvantaged members of the Muslims communities, especially the Muslims, dominated northern Nigeria with a high level of financial exclusion. The Waqf funds if integrated and institutionalized will support the region by making the fewer privilege members of that community-engaged thereby economically and enhancing the financial inclusion. This will also lead to economic growth and socio-economic development of Nigeria.

Practical implications

The paper concludes by suggesting the establishment of Waqf funds to supports the less privileged people through Islamic Microfinance as means of enhancing socio-economic justice in Nigeria’s Muslims’ communities, which is negatively affected by the high rate of financial exclusion and poverty. This paper also provides critical suggestions on the ways the integration of Waqf funds will contribute significantly towards assisting Nigeria in achieving its vision of reducing the financial exclusion rate and may foster inclusive growth and sustainable development.

Originality/value

This paper is a conceptual study and, therefore, limited to the content of the existing literature. Hence, the future researchers may replicate and test it empirically for a more scientific justification regarding the roles of Waqf towards enhancing financial inclusion in Nigeria.

Details

International Journal of Ethics and Systems, vol. 36 no. 4
Type: Research Article
ISSN: 2514-9369

Keywords

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Article
Publication date: 15 January 2025

Saheed Afolabi Ashafa, Lukman Raimi and Nurudeen Babatunde Bamiro

The contributions of Islam to human civilization, spanning theology, philosophy, politics, economy, sociology and science, find ample documentation in several historical records…

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Abstract

Purpose

The contributions of Islam to human civilization, spanning theology, philosophy, politics, economy, sociology and science, find ample documentation in several historical records. This paper aims to critically examine the catalytic role played by Islam’s social well-being and economic justice in advancing peaceful coexistence.

Design/methodology/approach

This exploration is carried out through a systematic literature review using the PRISMA framework. The paper addresses three core thematic research questions, with the intent of offering a comprehensive contribution to both the theory and application of Islamic Studies. To acquire essential data, a qualitative research approach focused on documentation, particularly the collection of non-numerical data from secondary sources, including the Qur’an, Hadith and scholarly articles, was used.

Findings

The systematic literature review led to three notable insights. Firstly, the promotion of social well-being by Islam contributes positively to peaceful coexistence across various global regions. Secondly, Islam’s emphasis on economic justice also plays a constructive role in nurturing peaceful coexistence in diverse geographical areas. Thirdly, the alignment between Islam’s promotion of social well-being and economic justice, following the principles of Maqasid al-Shari’ah and the five international principles of peaceful coexistence, lays the groundwork for prospective theoretical inquiries.

Originality/value

This study provides a pioneering perspective by systematically integrating Islamic principles with international frameworks for peaceful coexistence through the Preferred Reporting Items for Systematic Reviews and Meta Analysis (PRISMA) methodology. It offers a unique contribution by presenting how Islam’s intrinsic values of social well-being and economic justice using Maqasidul Shari’ah indicators serve as catalysts for promoting global harmony and social stability. By bridging religious tenets with universal coexistence principles, the study sets a foundational framework for interdisciplinary and policy-driven discourse on achieving sustainable peace through faith-based social and economic structures.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

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