Understanding Islamic Financial Inclusion Principles
Explore the concept of financial inclusion, objectives, critical issues, social aspects, and Islamic solutions in Islamic economics study program. Discover how Islamic financial institutions integrate with society and the state.
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Presentation Transcript
Social Aspect and Financial Inclusion Irfan Syauqi Beik Islamic Economics Study Program Bogor Agricultural University (IPB) Bali, 30 May 2013/20 Rajab 1434 H
Financial Inclusion This term has attracted considerable attention accross the globe Financial inclusion focuses on delivery of financial services at affordable cost to the low income people In present reality, this financial inclusion is generally translated into two things: The greater role of microfinance institutions The greater social role of commercial financial or business institutions 1. 2.
Objectives of Financial Inclusion Providing financial access to the unbankable group of society Increasing prosperity and welfare level of the society Economic justice, poverty alleviation and reduction of income inequality
Based on Islamic principles and values Islamic Financial Inclusion
Some Critical Issues Capitalistic view in the practice of IFI commercialization of the poor and absence of social indicators of IFI Is providing financial access really a solution to alleviate poverty and to achieve economic justice? Women empowerment vs Family empowerment Political issue transferring the duty to alleviate poverty from the state to the civil society
Social Side What do we mean by social side ? What an Islamic bank can do? Is it only reflected by payment of zakat, infaq and shadaqah and providing qardh al hasan financing scheme?
Integration of 4 Pillars Zakat and Islamic Social Institutions Islamic Financial Institution The Role of the Society in General The Role of the State
Islamic Financial Institutions Zakat and Islamic Social Institutions The Role of the State The Role of the Society Economic Justice and Welfare Oriented Individual Productivity Oriented Profit Oriented Social Oriented Business process Empowerment process Careness, Love and Affection System Approcah Economic Growth and Distribution Beneficiaries coverage Fulfillment of Sharing Spirit Asset growth Good Corporate Governance Efficient and Accountable Bureaucracy Good Amil Governance Support to IFI and ZISI
IB High Class Middle Class The Near Poor Class IB IB and IMFI IMFI and ZISI The Poor Class The Poorest of the Poor Class ZISI
