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Social Impact Sukuk for Migrants: An Innovative Solution
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Author(s): Mohsin Ali (Taylor's University, Malaysia), Hasanul Banna Oravampurath (International Centre for Education in Islamic Finance, Malaysia)and Mahomed Ziyaad (International Centre for Education in Islamic Finance, Malaysia)
Copyright: 2020
Pages: 18
Source title:
Handbook of Research on Theory and Practice of Global Islamic Finance
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-0218-1.ch038
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Abstract
This chapter examines the economic impact of the migrants' return to Kerala, India during the Gulf oil crisis 2014-2016. Many migrants returned to their homeland during the crisis because they could not find work in the Middle East. The Kerala economy confronted this as one of the biggest threats which directly affected the economy. Almost USD 900 million had been brought to the homeland as remittance from Non-Residential Keralites (NRKs) working in Gulf countries. But the return of a large number of NRKs decreased the remittances to 10-15%. This chapter proposes Social Impact Sukuk to support the migrants who are back to their homelands from GCC countries. Data and information are collected from primary and secondary sources. This study provides policy implications for Kerala state government to examine the impact of returning NRKs issue and a feasible solution for their immediate rehabilitation.
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