Developing an integrated model of Islamic social finance: toward an effective governance framework

• Main Authors: Widiastuti, Tika, Ningsih, Sri, Prasetyo, Ari, Mawardi, Imron, Herianingrum, Sri, Hady, Aufar Fadlul, Robani, Anidah, Al Mustofa, Muhammad Ubaidillah
• Format: Article
• Language: English
• Published: Elsevier Ltd 2022
• Online Access: http://eprints.utem.edu.my/id/eprint/26385/2/2022_SEPT%20HELIYON%20%28ISF%29.PDF; http://eprints.utem.edu.my/id/eprint/26385/; https://www.sciencedirect.com/science/article/pii/S2405844022016711

This study proposed an integrated model of Islamic Social Finance (ISF) to accelerate the transformation of the poor toward prosperity. This is a qualitative and quantitative approach using grounded theory and the Average Weighted Index (AWI). The integration model of Islamic social finance is implemented through 4 ER (Economic Rescue, Economic Recovery, Economic Reinforcement, and Economic Resilience) by integrating Islamic social finance instruments in a joint project scheme. The additional finding of the empirical investigation shows that integrated Islamic social finance is 12% more effective in enriching the poor than the non-integrated program. This study emphasizes the significance of integrating Islamic social finance in accelerating the well-being of the poor community.