Hisbah and the promotion of ethical business practices

Dogarawa, Ahmad Bello

doi:10.1108/17538391311310743

Cited by 10 publications

(5 citation statements)

References 3 publications

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“…These services are more pronounced in the month of Ramadan, where rewards are expected to be 10 times the normal rewards. Other non-governmental organizations (NGOs), corporate bodies and government agencies are engaged in Sadaqah activities to assist others in need (Dogarawa, 2013;Raimi et al, 2015). This act is not limited to Muslims communities but also affects non-Islamic societies as it is used to foster socioeconomic justice, financial inclusion and promotes a harmonious living in a society where rich and poor are living together.…”

Section: Financial Inclusion In Nigeriamentioning

confidence: 99%

Enhancing socio-economic justice and financial inclusion in Nigeria

Zauro¹,

Saad

Sawandi

2020

JIABR

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Purpose The purpose of this paper is to discuss the roles of Zakat, Sadaqah and Qardhul Hassan within the context of the existing literature as major Islamic financial instruments for enhancing socio-economic justice amongst Muslims haves and have-nots as these enhance financial inclusion in Nigeria. Design/methodology/approach The discussion in this paper is based on secondary sources such as the divine knowledge contained in the Qur’an, Hadiths and the existing literature, such as previously conducted empirical studies and Islamic world view (Tawhidi epistemology). Findings This paper implores Islamic societies to use Zakat, Sadaqah and Qardhul Hassan as instruments that encourages wealth redistribution that promotes efficient and effective wealth redistribution between haves and have-nots as part of the vicegerent (khaliphah) role between mortal being (human) and his immortal creator (Allah). This paper concludes by suggesting the use of these Islamic financial instruments as means to enhance socio-economic justice and financial inclusion in the Nigeria’s Muslims’ communities that are negatively affected by the high rate of financial exclusion and poverty as had been previously practiced in the Muslim world throughout the Islamic history. Research limitations/implications This paper provides critical suggestions on the ways Zakat, Sadaqah and Qardhul Hassan will contribute significantly towards assisting Nigeria in achieving its vision of reducing the financial exclusion rate that is currently put at 41.6% to 20% by the year 2020 and may foster inclusive growth and sustainable development. However, the limitation is that it is a mare conceptual study, and the future researchers may subject it to the scientific test to offer empirical evidence regarding the roles of Zakat, Sadaqah and Qardhul Hassan towards closing the gap of financial exclusion in Nigeria. Originality/value This paper contributes to the existing literature on the doctrine of the Islamic moral economy by recommending the adoption of Islamic financial instruments as tools for enhancing income redistribution and financial inclusion.

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Section: Financial Inclusion In Nigeriamentioning

confidence: 99%

Enhancing socio-economic justice and financial inclusion in Nigeria

Zauro¹,

Saad

Sawandi

2020

JIABR

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“…In practice, Muslims tend to engage in charitable giving more in the month of Ramadan, where rewards are expected to be ten times the normal rewards. Other non-governmental organizations (NGOs), corporate bodies and government agencies are engaged in Sadaqah activities to assist others in need (Dogarawa, 2013; Raimi et al , 2015). This act is not limited to Muslims communities and also affects non-Islamic societies as it is used to foster socio-economic justice, financial inclusion and promotes a harmonious living in a society where rich and poor are living together.…”

Section: Waqf and Its Role Towards Socio-economic Justice And Financial Inclusionmentioning

confidence: 99%

Integration of Waqf towards enhancing financial inclusion and socio-economic justice in Nigeria

Zauro¹,

Saad

Ahmi

et al. 2020

IJOES

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Purpose This paper aims to discuss the role of Waqf as a means of enhancing financial inclusion and socio-economic justice in Nigeria. Design/methodology/approach The methodology in this paper is that the data were elicited from secondary sources such as the Al-Qur’an, Hadiths and other empirical studies in the existing literature. The Tawhidi epistemology (Islamic world view) also has been obtained to deliver better understanding on the findings. Findings The paper implores Islamic societies to take advantages of integrating Waqf to support the financing needs of disadvantaged members of the Muslims communities, especially the Muslims, dominated northern Nigeria with a high level of financial exclusion. The Waqf funds if integrated and institutionalized will support the region by making the fewer privilege members of that community-engaged thereby economically and enhancing the financial inclusion. This will also lead to economic growth and socio-economic development of Nigeria. Practical implications The paper concludes by suggesting the establishment of Waqf funds to supports the less privileged people through Islamic Microfinance as means of enhancing socio-economic justice in Nigeria’s Muslims’ communities, which is negatively affected by the high rate of financial exclusion and poverty. This paper also provides critical suggestions on the ways the integration of Waqf funds will contribute significantly towards assisting Nigeria in achieving its vision of reducing the financial exclusion rate and may foster inclusive growth and sustainable development. Originality/value This paper is a conceptual study and, therefore, limited to the content of the existing literature. Hence, the future researchers may replicate and test it empirically for a more scientific justification regarding the roles of Waqf towards enhancing financial inclusion in Nigeria.

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“…Hisbah describes the institution to promote good conducts and avoid misconducts in line with Quran (Dogarawa, 2013). The Islamic concept of "al amr bil maroof wal nahyu anil munkar" i.e.…”

Section: Monitoring and Oversight (Hisbah)mentioning

confidence: 99%

Application of Three Lines of defense in Islamic Financial Institution

Hakim¹

2017

IJMAR

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Abstract:The underlying principle and concept of Islamic Financial Institution (IFI) is Shariah. Shariah itself consists of aqidah (faith and belief), akhlaq (moral and ethics) and fiqh (law). These three components are the foundation of all IFI's activities, including risk management activities. One of the concepts used in risk management is three lines of defense. The three lines of defense's concept provide a clarity regarding roles and responsibilities of various risk functions within an organization. IFI should adopt the concept of three lines of defense as part of their Enterprise Risk Management framework to strengthen the effectiveness of their risk management function. The author proposes three lines of defense model for an IFI in this paper. The foundation of the proposed model is Shariah while its pillars are knowledge and Islamic culture.

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Hisbah and the promotion of ethical business practices

Cited by 10 publications

References 3 publications

Enhancing socio-economic justice and financial inclusion in Nigeria

Enhancing socio-economic justice and financial inclusion in Nigeria

Integration of Waqf towards enhancing financial inclusion and socio-economic justice in Nigeria

Application of Three Lines of defense in Islamic Financial Institution

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