Social Enterprise and Waqf: An Alternative Sustainable Vehicle for Islamic Social Finance

Noor Kasri, Siti Ismail

2019

Abstract

Social Enterprise (SE) is a business entity which investment is driven by the need to create economic and social value for the community and environment. The sustainability and viability of SE implementation in Europe has propelled it to be an essential part of European economic model and key in promoting social cohesion and democracy. However, the growth of SE in jurisdictions that lead Islamic social finance is not much visible. Instead the presence of social vehicles namely waqf, zakat and sadaqa tend to be widely accepted, for example in Indonesia, Malaysia and Singapore. This paper aims to examine SE and highlights SE best practices that waqf establishments can emulate particularly from the aspect of sustainability and transparency. Comparative analysis is carried out on SE entity of Bangladesh Rural Advancement Committee and three waqf entities namely, Malaysia’s Larkin Sentral Property Berhad, Singapore’s Warees Investment Ptd Ltd and Indonesia’s Pondok Modern Darussalam Gontor. The analysis shed light on their sustainable business model including their governance, transparency and social impact made. This paper adds value to the waqf sectors globally in the search for alternative sustainable and viable contemporary waqf model

Paper Citation

in Harvard Style

Kasri N. and Ismail S. (2019). Social Enterprise and Waqf: An Alternative Sustainable Vehicle for Islamic Social Finance. In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF, ISBN 978-989-758-473-2, pages 218-230. DOI: 10.5220/0010120800002898

in Bibtex Style

@conference{7th aicif19,
author={Noor Kasri and Siti Ismail},
title={Social Enterprise and Waqf: An Alternative Sustainable Vehicle for Islamic Social Finance},
booktitle={Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,},
year={2019},
pages={218-230},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010120800002898},
isbn={978-989-758-473-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,
TI - Social Enterprise and Waqf: An Alternative Sustainable Vehicle for Islamic Social Finance
SN - 978-989-758-473-2
AU - Kasri N.
AU - Ismail S.
PY - 2019
SP - 218
EP - 230
DO - 10.5220/0010120800002898