An alternative model to address poverty alleviation is the concept of the Islamic waqf. Literally meaning “confinement”, a waqf involves giving up the custody of one’s belongings for the sake of charitable purposes. The donated property is confined or preserved, while the profits are devoted for any purpose benefiting mankind.
Akhuwat is a Pakistan-based microfinance institution that provides interest-free loans to the poorest of the poor. Literally meaning brotherhood, Akhuwat seeks to incorporate faith into finance by establishing partnerships between the privileged and the less-privileged of the society. Akhuwat provides loans, mostly on an individual basis, for small entrepreneurial projects, emergencies and accidents, education, and to liberate borrowers from loan sharks.
We have previously explored the links between social finance and Islamic finance; here, we explore Islamic finance claims of social impact. Part 1, published last week, examined the model; here, Part 2 lists a few examples of Islamic finance being used to produce social benefits.
We have previously explored the links between social finance and Islamic finance; here, we explore Islamic finance claims of social impact. Part 1 examines the model; Part 2 lists a few examples of Islamic finance being used to produce social benefits. What is the scale of social benefits of Islamic finance? Can conventional social finance learn anything from its principles?
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Your Guide to Social Finance
SocialFinance.ca hosts an online guide that helps social entrepreneurs learn how to attract financing for their social ventures.
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