Consideration on refugees’ financial assistances: why humanitarian Sukuk is important?

• Main Authors: Tounchibine, Oumaima, Mohd. Zain, Nor Razinah, Engku Ali, Engku Rabiah Adawiah, Syed Azman, Syed Marwan Mujahid
• Format: Conference or Workshop Item
• Language: English; English; English
• Published: 2022
• Subjects: BPH437 Sukuk - Islamic Bond; H Social Sciences (General); KZ Law of Nations
• Online Access: http://irep.iium.edu.my/102969/9/102969_A%20Consideration%20on%20Refugees%E2%80%99%20Financial%20Assistances_Why%20Humanitarian%20Sukuk%20Is%20Important.pdf; http://irep.iium.edu.my/102969/2/AICIF%202022%20NO.%20156%20333-022.pdf; http://irep.iium.edu.my/102969/10/102969_Abstract%20Book.pdf; http://irep.iium.edu.my/102969/; https://conference.iium.edu.my/aicif/

As the year 2023 approaches, the contemporary world is witnessing the biggest refugee crisis since World War II. As a result of the vast migration of migrants caused by war and genocide, these refugees face famine and loss of human rights which is beyond comprehension. Malaysia is one of the countries that host the largest number of refugees. It has an honourable reputation for allowing them to access the territory of the country and live with a comfortable condition. Europe also gives refugees several privileges. Lately, however, these privileges have gradually diminished during the recent European financial crisis. Nowadays, there are many researchers discovered and written very deeply regarding humanitarian aid instruments inspiring their principles from the conventional economy. However, there is a wide gap in literature review and a few sources regarding humanitarian Sukuk. The aim of this research is to list a different category of humanitarian instruments that aim to assist refugees and meet their needs in the long term period and provide an overview regarding Sukuk and its strength in mitigating the refugees’ crisis in the short and long-run period and also its critical role to boost the economy of Malaysia through refugees side. this research explores the potentials of humanitarian Sukuk in overcoming the refugee crisis in Malaysia. The researchers found that the Sukuk has high potentials to be used as alternative financing in overcoming refugee crisis. It is also a practical instrument in eliminating the refugee crisis. In this study, the researchers proposed certain structures of Sukuk that can be adopted in financing humanitarian aids to overcome the refugee crisis within the Malaysia borders.