Applying an integrated Islamic social finance model for the empowerment of women farmers in The Gambia

Approximately 48% of the Gambian population lives in poverty, placing it 174 from 189 countries in the HDI (Human Development Index. The World Food Programme indicates that The Gambia produces only half of its food requirements, with more than 10% suffering from acute malnutrition and 23% of children with stunted growth. The major economic growth driver in The Gambia is agriculture, contributing to approximately 30% of GDP and employing more than 70% of the nation., making farming the key source of national income. According to the FAO (2019) report on Country Gender Assessment Series: National gender profile of agriculture and rural livelihoods, women comprise of 78% of the economically active population working in agriculture, compared to just 57% of men in The Gambia. Despite this, there is a significant inequality in accessing funding, land rights, and technology in the country. Exposed persons are in significant peril when natural disaster strikes, and The Gambia is susceptible to these. Therefore, a more supportive financing model is required, that will positively impact gender and economic development in the country. With a 96% Muslim populace, an Islamic Social Finance (ISF) instrument is required that can support this. Unfortunately, the country lacks an established Islamic finance system with ineffective management of ISF. Therefore, this study assessed the link between agricultural investment and productivity in The Gambia, before proposing an Islamic agricultural investment based on ISF. The proposed model integrates ISF structures of Waqf (endowment), Sadaqah (Voluntary charity) and Takaful (Islamic insurance). Due to limitations in the availability of Waqf properties, sadaqah as a voluntary charity may serve as a buffer for raising funds due to the lax ruling on collection and distribution. The study assesses the proposed model based on the earlier identified challenges and makes policy recommendations for its successful implementation. Policy recommendations are also made on enhancing the status of women contributing economically through agriculture, a focus on the development of the ISF sector, Shariah governance and oversight, and more strategic approaches to sustainable development. This study is the first of its kind for The Gambia, and presents a practical model supported by adequate evidence that can positively impact economic conditions within the Islamic legal rules.