Al-Rahnu-led Islamic sustainable finance
The expansion of Islamic sustainable finance in the financial market depends on the application of Sharī‘ah-compliance mechanisms. Many of these mechanisms can be found from the innovative financial products which are made available by Islamic financial services providers. Ar-Rahnu or Islamic pawnbr...
Saved in:
Main Authors: | , , |
---|---|
Format: | Book Chapter |
Language: | English English |
Published: |
Routledge, Taylor & Francis Group
2024
|
Subjects: | |
Online Access: | http://irep.iium.edu.my/111279/1/111279_Al-Rahnu-led.pdf http://irep.iium.edu.my/111279/2/111279_Al-Rahnu-led_SCOPUS.pdf http://irep.iium.edu.my/111279/ https://www.taylorfrancis.com/chapters/edit/10.4324/9781003468653-15/al-rahnu-led-islamic-sustainable-finance-razinah-mohd-zain-aznan-hasan-siti-ainatul-mardhiah-binti-yusof |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.iium.irep.111279 |
---|---|
record_format |
dspace |
spelling |
my.iium.irep.1112792024-05-14T04:02:43Z http://irep.iium.edu.my/111279/ Al-Rahnu-led Islamic sustainable finance Mohd Zain, Nor Razinah Hasan, Aznan Yusof, Siti Ainatul Mardhiah BPH205 Al-Rahn - Pawn BPH72 Economic development. Growth. Sustainable development. Sustainability BPK Islamic law. Shari'ah. Fiqh HG3368 Islamic Banking and Finance The expansion of Islamic sustainable finance in the financial market depends on the application of Sharī‘ah-compliance mechanisms. Many of these mechanisms can be found from the innovative financial products which are made available by Islamic financial services providers. Ar-Rahnu or Islamic pawnbroking is one of the accepted Islamic financial products utilized to enhance initiatives in providing better solutions for social, economic, and environmental issues that are happening in many countries. The application of Ar-Rahnu and its availability to the public depend on the growth of Islamic banking and finance in the country, as well as the acceptance and practices of the community. Based on the qualitative and legal doctrinal analysis, this study focuses on the application of Ar-Rahnu as one of the suitable instruments for Islamic sustainable finance. The study finds that Ar-Rahnu, treated as one of the microfinancing products, offered through Islamic banks, independent microfinance institutions, and cooperative bodies, is used immensely in providing emergency funding for those who are in need. This is especially impactful during and in the aftermath of COVID-19 pandemic between the early months of 2020 and the middle of 2022. The involvement of gold is common in the practice of Ar-Rahnu. Meanwhile, other valuable assets can be used in Ar-Rahnu mechanism, such as buildings or lands. However, such practice is not common currently due to the lack of legal recognition. Routledge, Taylor & Francis Group 2024-05-07 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/111279/1/111279_Al-Rahnu-led.pdf application/pdf en http://irep.iium.edu.my/111279/2/111279_Al-Rahnu-led_SCOPUS.pdf Mohd Zain, Nor Razinah and Hasan, Aznan and Yusof, Siti Ainatul Mardhiah (2024) Al-Rahnu-led Islamic sustainable finance. In: Islamic Finance and Sustainable Development: A Global Framework for Achieving Sustainable Impact Finance. Islamic Business and Finance Series (1). Routledge, Taylor & Francis Group, London, United Kingdom, pp. 130-140. ISBN 978-1-032-74307-3 https://www.taylorfrancis.com/chapters/edit/10.4324/9781003468653-15/al-rahnu-led-islamic-sustainable-finance-razinah-mohd-zain-aznan-hasan-siti-ainatul-mardhiah-binti-yusof 10.4324/9781003468653-15 |
institution |
Universiti Islam Antarabangsa Malaysia |
building |
IIUM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
International Islamic University Malaysia |
content_source |
IIUM Repository (IREP) |
url_provider |
http://irep.iium.edu.my/ |
language |
English English |
topic |
BPH205 Al-Rahn - Pawn BPH72 Economic development. Growth. Sustainable development. Sustainability BPK Islamic law. Shari'ah. Fiqh HG3368 Islamic Banking and Finance |
spellingShingle |
BPH205 Al-Rahn - Pawn BPH72 Economic development. Growth. Sustainable development. Sustainability BPK Islamic law. Shari'ah. Fiqh HG3368 Islamic Banking and Finance Mohd Zain, Nor Razinah Hasan, Aznan Yusof, Siti Ainatul Mardhiah Al-Rahnu-led Islamic sustainable finance |
description |
The expansion of Islamic sustainable finance in the financial market depends on the application of Sharī‘ah-compliance mechanisms. Many of these mechanisms can be found from the innovative financial products which are made available by Islamic financial services providers. Ar-Rahnu or Islamic pawnbroking is one of the accepted Islamic financial products utilized to enhance initiatives in providing better solutions for social, economic, and environmental issues that are happening in many countries. The application of Ar-Rahnu and its availability to the public depend on the growth of Islamic banking and finance in the country, as well as the acceptance and practices of the community. Based on the qualitative and legal doctrinal analysis, this study focuses on the application of Ar-Rahnu as one of the suitable instruments for Islamic sustainable finance. The study finds that Ar-Rahnu, treated as one of the microfinancing products, offered through Islamic banks, independent microfinance institutions, and cooperative bodies, is used immensely in providing emergency funding for those who are in need. This is especially impactful during and in the aftermath of COVID-19 pandemic between the early months of 2020 and the middle of 2022. The involvement of gold is common in the practice of Ar-Rahnu. Meanwhile, other valuable assets can be used in Ar-Rahnu mechanism, such as buildings or lands. However, such practice is not common currently due to the lack of legal recognition. |
format |
Book Chapter |
author |
Mohd Zain, Nor Razinah Hasan, Aznan Yusof, Siti Ainatul Mardhiah |
author_facet |
Mohd Zain, Nor Razinah Hasan, Aznan Yusof, Siti Ainatul Mardhiah |
author_sort |
Mohd Zain, Nor Razinah |
title |
Al-Rahnu-led Islamic sustainable finance |
title_short |
Al-Rahnu-led Islamic sustainable finance |
title_full |
Al-Rahnu-led Islamic sustainable finance |
title_fullStr |
Al-Rahnu-led Islamic sustainable finance |
title_full_unstemmed |
Al-Rahnu-led Islamic sustainable finance |
title_sort |
al-rahnu-led islamic sustainable finance |
publisher |
Routledge, Taylor & Francis Group |
publishDate |
2024 |
url |
http://irep.iium.edu.my/111279/1/111279_Al-Rahnu-led.pdf http://irep.iium.edu.my/111279/2/111279_Al-Rahnu-led_SCOPUS.pdf http://irep.iium.edu.my/111279/ https://www.taylorfrancis.com/chapters/edit/10.4324/9781003468653-15/al-rahnu-led-islamic-sustainable-finance-razinah-mohd-zain-aznan-hasan-siti-ainatul-mardhiah-binti-yusof |
_version_ |
1800081782839705600 |
score |
13.160551 |