Trusts: the Islamic perspective

• Main Authors: Amuda, Yusuff Jelili, Ali Mohamed, Ashgar Ali
• Format: Book Chapter
• Language: English
• Published: Sweet & Maxwell, Thomson Reuters 2022
• Subjects: BPK Islamic law. Shari'ah. Fiqh; BPK36 Islamic law (General); K Law (General)
• Online Access: http://irep.iium.edu.my/103938/1/103938_Trusts%20the%20Islamic%20Perspective.pdf; http://irep.iium.edu.my/103938/; http://www.sweetandmaxwellasia.com.my/BookStore/showProduct.asp?countrycode=MLY&bookstore=1&id=2951&ptab=1&&g=e12l2&ec=QSNBGDKTJJVZSVHOCFIZCQJNVZGOSGXENQRSKMPTOBJOJVSHUCN

Globally, there is lack of adequate culture of transparency, accountability and good governance in managing human resources, public funds or utilization of public resources for the welfares of the citizens. Similarly, corruption and poverty envelop or overwhelm the economic growth in different parts of the world including Muslim nations. Muslims have been endowed with various principles such as: trust, accountability and transparency etc. that could enable them address the aforementioned challenges. The vital precepts based on Islamic perspective are essential for adequate management of public resources in order to attain socio-economic development in the society. Classical Islamic literature explicitly elucidated on the concept of trust (Amānah). Nonetheless, it has not been adequately cultivated for proper management of the resources and consequently utilized in attaining overall socio-economic development in the contemporary Muslim world. Hence, Muslim countries are expected to serve as models for others to imitate but they are also faced with multifarious problems such as corruption, mismanagement of resources and impediment to economic growth which hinder overall socio-economic development in the Muslim community. In addition, qualitative method is therefore explored in this chapter using narrative-textual case study where problem relating to lack of trust (Amānah) in managing public resource is identified and cultivation of the trait of trust (Amānah) is considered as a solution to the management of public resources for socio-economic development. In order to collect data, available resources from library and classical literatures on historical conception of trust (Amānah) grounded from the Qur’ān and Hadīth were explored. This is done primarily towards an enhancement of trust in leadership and in management of public resources for socio-economic development. More importantly, researches on trust (Amānah) were also explored via online and studies explored were clearly cited in the footnotes and references. The researcher ensures that the presentation of the discourse of trust (Amānah) is academically compliant as to avoid prejudice against Islamic principles such as trust (Amānah) as found in the classical works. Qur’ān passages and authentic ahadīth on trust in leadership and management of public resources are genuinely and validly explored. Also, inferences from the Qur’ān passages and authentic ahadīth are considered as primary sources while other studies in connection with public funds and socio-economic development are reliably elaborated on. Eclectic approach which is a combination of classical literatures and contemporary studies on the subject-matter have been adequately taken into account in under to examine the phenomenon of trust (Amānah) for its judicious utilization in leadership and in managing public resources for socio-economic development. This chapter therefore attempts to explore an Islamic perspective on trust with specific focus on trust in leadership and trust in managing public resources in order to consequently achieve socio-economic development. The chapter further argues that apart from the principle of trust, there are other essential Islamic value system conceptually explicated in this chapter which are: Unity of Allah (Tawhīd), Vicegerency (Khilāfah) and Justice (ʻAdl). Also, the practicality of Islamic trust can be achieved alongside with the display of transparency, accountability and good governance. The strengths of earlier studies were elaborated in order to generate themes. Hence, four major themes were generated namely: theoretical framework emanating from three principles of Islamic value system; an overview of trust (Amānah); trust (Amānah) in leadership and trust (Amānah) in managing public resources. The chapter concludes with various suggestions that can help in utilization of the precept of trust (Amānah) in the society.