Published: April 2015
About the series:
The International Conference on Islamic Economics and Finance (ICIEF) is the leading academic conference in the discipline organized by the International Association for Islamic Economics (IAIE) in collaboration with other key stakeholders, including the Islamic Research and Training Institute, Islamic Development Bank. It is the pioneering international conference on Islamic economics organized first in Makkah Al Mukaramah, Kingdom of Saudi Arabia, in 1976 under the auspices of King Abdulaziz University and has since been held in numerous locations around the world. The conference as such has contributed immensely to the promotion of Islamic economics and finance. Since 2011, the Qatar Faculty of Islamic Studies (QFIS), of Hamad bin Khalifa University, Qatar Foundation, has also become a key partner in organizing the conference.
Disseminating research presented at ICIEF to the greatest number of researchers interested in the topic is important. It not only advances the discourse, but also grants those who did not have the privilege of attending the conference to partake in the discussion. To this end, this series of five volumes (two in Arabic to follow) presents the proceedings of 8th and 9th conferences, which were held in Doha and Istanbul respectively in 2011 and 2013. Each volume focuses on a particular sub-theme within the broader theme of Developing Inclusive and Sustainable Economic and Financial Systems.
The poverty-reduction claims made by conventional microfinance providers have been critiqued by many authors in this volume and beyond. However, here we would caution that if Islamic microfinance-related schemes replicate the same model of conventional microfinance, i.e., providing financial access to the ultra-poor, it may be equally disappointed despite providing a Shariah-compliant option for the poor members of society. It is perhaps by increasing greater financial inclusion in the small- to medium-sized sector where Islamic finance might make the greatest impact in terms of addressing society’s poverty-reduction ambitions. While organizing these conferences and selecting papers for this volume series, a deliberate attempt was made at highlighting policy-relevant research where possible. This first volume covers issues related to access to finance and human development including essays on zakah, awqaf, and microfinance.
Table of contents:
PART 1: ZAKAH
1. Financial Exclusion and Saving Motives in Brunei: A Need to Re-Define Zakat and Awqaf Institutions
Ak Md Hasnol, Alwee Pg, Md Salleh, Universiti Brunei Darussalam
2. Revitalization of the Traditional Islamic Economic Institutions (Waqf and Zakat) in the Twenty-First Century: Resuscitation of the Antique Economic System or Novel Sustainable System?
Shinsuke Nagaoka, Kyoto University (Japan)
3. Impact of Zakat in Alleviating Rural Poverty: A Case Study of MACCA in Bangladesh
Kazi Tanvir Mahmud, Kabir Hassan M, Kazi Sohag, Ferdous Alam Md, American International University-Bangladesh, University of New Orleans, North South University (Dhaka), and Universiti Putra Malaysia
4. Efficiency of Zakat Institutions and its Determinants
Norazlina Abd. Wahab and Abdul Rahim Abdul Rahman, International Islamic University Malaysia
PART 2: AWQAF
5. Efficiency and Effectiveness of Public Waqf Institutions in Malaysia: Toward Financial Sustainability
Maliah Sulaiman and Muntaka Alhaji Zakari, International Islamic University Malaysia
PART 3: MICROFINANCE
6. The Role of Islamic Microfinance Institutions in Economic Development in Indonesia: A Comparative Empirical Study on Pre and Post Financing States
Nur Indah Riwajanti and Mehmet Asutay, State Polytechnic of Malang, and Indonesia and Durham University
7. A Market-Based Financing Model for Islamic Housing Microfinance Market
Zamir Iqbal and Friedemann Roy, World Bank and International Finance Corporation
8. Crowdfunding in Islamic Finance and Microfinance: A Case Study of Egypt
Inmaculada Macias Alonso, Saudi-Spanish Center for Islamic Economics and Finance, IE Business School
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