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Digitalization of the Islamic social economy: new paradigms for maximizing social welfare

In: Islamic Finance in the Digital Age

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  • Hatim El-Tahir

Abstract

This chapter examines the momentous digitalization of the Islamic social economy and assesses its impact on societies and the digital economy. It explores the main growth strategy considerations and provides an inventory of Digital Financial Instruments (DFI) used in traditional Islamic social services. However, it does not analyze the trends or transactions of Islamic social services due to a lack of adequate data. The research scope focuses on the Organization of Islamic Cooperation (OIC) marketplace and offers examples of Islamic social financing solutions. This chapter is structured into three parts: Firstly, it addresses the broader Islamic social economy and recent policy developments. Secondly, the chapter emphasizes priority social sectors such as healthcare, education, and housing. It also discusses Digital Financial Solutions and some commonly used Islamic social products-zakat, sadaqat, and waqf-to design innovative digital social financing solutions. Thirdly, it offers key policy and practice recommendations.

Suggested Citation

  • Hatim El-Tahir, 2024. "Digitalization of the Islamic social economy: new paradigms for maximizing social welfare," Chapters, in: Syed Nazim Ali & Zul H. Jumat (ed.), Islamic Finance in the Digital Age, chapter 18, pages 345-360, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22863_18
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035322954.00029
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    Keywords

    Economics and Finance;

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