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Social Empowerment Through Islamic Finance
Abstract
Islamic social finance as an order ordained by Allah (Subhanahu wa Taala) for the benefit of mankind, seeks to provide an avenue for financial inclusion as well as entrenching social cohesion among Muslim communities across the globe. This is achieved with the application of Zakat (compulsory alms giving), Waqf (Islamic endowment), Sadaqah (Voluntary charity giving), and Qard (Loan giving) as the instruments. As poverty remains a social disorder and an affront to human prosperity, Islam has provided a remedy to its scourge. This chapter presents a discussion on poverty reduction if these instruments are effectively implemented in Muslim communities across the globe.
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