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All Journal Talaa : Journal of Islamic Finance
Qutaiba, Mohammad
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Economics, Econometrics & Finance

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Cash Waqf in Poverty Reduction in India: Lessons from Selected Countries Owais, Mohd; Qutaiba, Mohammad
Talaa : Journal of Islamic Finance Vol. 3 No. 1: June 2023
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v3i1.727

Abstract

Cash Waqf revived in Muslim countries allows them to develop this system of charity further. However, Waqf has abundant financial and infrastructure resources in India, which can significantly reduce poverty, particularly among Muslims. Poverty is more prevalent among Muslims in India than in any other community. This library-based research aims to examine how faith-based endowments can reduce poverty in India through cash waqf. This study applies the content analysis of the existing cash waqf models, which examines current Waqf practices for their relationship to India's socio-economic situation. It helps to understand the adoption of cash waqf in India. The paper implemented the waqf shares scheme based on existing literature. Several important reasons make this scheme appropriate for India. First, raising funds from the public is a relatively straightforward process in India by using traditional ways of collecting money, such as cash collections or mobile payment systems that are widely used for raising money. Several poor Indians could benefit from the funds generated by creating employment opportunities and gaining financial, social, and educational empowerment.
The Socially Responsible Investment Sukuk as a Financial Tool to Address the Risk of Climate Change Qutaiba, Mohammad; Owais, Mohd
Talaa : Journal of Islamic Finance Vol. 3 No. 2: December 2023
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v3i2.739

Abstract

The purpose of this paper is to emphasize the likelihood of Socially Responsible Investment (SRI) Sukuk to be used as a tool to address the climate changes and improve the environment and economy by generating positive social impact. This paper has adopted a descriptive and analytical approach, as this research paper has used qualitative methodology and analyzes the commonalities between SRI Sukuk and SDGs as a financial tool to address the risk of climate change The literature review revealed a growing participation and interest in SRI Sukuk. Funds and proceeds are increasing at an increasing rate annually. Additionally, the paper considers the factors of Sustainable Development Goals (SDGs) as well as Environmental, Social, and Governance (ESG) objectives, embedding SRI Sukuk with positive impact. This paper is solely focused on the conceptual nature on SRI Sukuk and Green Sukuk. Additional research is needed to better understand different segments of social impact. Despite gaining international attention from many countries, SRI Sukuk remains a topic with relatively low research and user engagement within Islamic Finance. This paper aims to raise awareness and improve comprehension of SRI Sukuk within Islamic Finance.
Exploring the Importance and Presence of Maqāsid al-Sharī’ah in Islamic Banking Products and Services Qutaiba, Mohammad; Mohd Owais
Talaa : Journal of Islamic Finance Vol. 4 No. 2: December 2024
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v4i2.767

Abstract

This study explores the importance and presence of Maqāsid al-Sharī’ah in Islamic banking products and services, emphasizing their role in promoting justice, equity, and general welfare. While Islamic banking adheres to Shariah principles, such as the prohibition of riba and gharar, questions persist about the alignment of its products with the broader ethical objectives envisioned by Maqāsid al-Sharī’ah. These objectives, which include the preservation of religion, life, intellect, lineage, and wealth, aim to transform financial practices into instruments of socio-economic justice and communal well-being. The study critically examines whether Islamic banking products, such as Mudarabah and ijarah, genuinely uphold these principles or simply replicate conventional financial instruments under a Shariah-compliant framework. Drawing from academic literature, industry reports, and case studies, the research evaluates the design, implementation, and impact of key Islamic banking products to assess their alignment with Maqāsid al-Sharī’ah. It also highlights successes and areas for improvement within the industry, addressing concerns about the practical realization of ethical objectives in a competitive financial landscape. This paper underscores the necessity of integrating these higher objectives into financial practices. The findings contribute to a deeper understanding of how Islamic banking can serve as a true alternative to conventional systems, fostering holistic socio-economic progress and addressing global challenges such as poverty alleviation, wealth inequality, and environmental sustainability
Co-Authors Mohd Owais Owais, Mohd