nep-isf New Economics Papers
on Islamic Finance
Issue of 2019‒01‒21
two papers chosen by
Halimatun Aris

  1. Relasi negara dan pasar bebas dalam mewujudkan keadilan ekonomi: Analisis sejarah keuangan publik Islam By Jaelani, Aan
  2. A treatise on socioeconomic roles of waqf By Aliyu, Shehu Usman Rano

  1. By: Jaelani, Aan
    Abstract: The state becomes a political entity that is responsible for the collective affairs of the community so that it plays an important role in creating economic justice and prospering the community through instruments of development. However, the role of the government in carrying out development depends on public finance which in fact has problems in terms of management and implementation. In the perspective of Islamic economics, public finance is a top priority managed from the side of the sources of income and expenditure used in implementing pro-poor development so as to create prosperity for the community.
    Keywords: State, Free-Market, Economy Justice, and Public Finance
    JEL: B11 H11 H53 N20 P43 P51 Z18
    Date: 2018–11–10
  2. By: Aliyu, Shehu Usman Rano
    Abstract: Promotion of socioeconomic security peaks as state policy drive especially in developing and emerging economies. Waqf as a socioeconomic tool emphatically forms part of the ethical values of Islam and is seen as a primary vehicle for financing Islam as a society. This paper analyses the socioeconomic roles that Waqf institution in tackling social security challenges for upliftment of the Muslim Ummah. The paper employs a non-experimental qualitative research methodology based on deductive method of analysis of jurisprudential and literature based-evidences. A socioeconomic framework was intuitively developed by the paper for logical analysis. It was found that socioeconomically, Waqf institutions across the Islamic world have played immeasurable roles in the areas of provision of social and economic infrastructures, lessening the burden of tax and budget deficits, closing the short fall in tax revenues, tackling poverty and income inequality, boosting economic growth, promoting independent provision of public goods and development of active civil society bonded by spirit of compassion and communalism as against that apathy and individualism. The paper strongly urges the Muslim Ummah to reestablish and reassert the roles Waqf institutions to free itself from socioeconomic misadventures.
    Keywords: Socioeconomic security, Islam, waqf/Awqaf, income inequality, poverty
    JEL: I31 L31 L32 Z12
    Date: 2018–11–06

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