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How Islamic Ethical Wealth May Strategically and Technically Support “Reduced Inequality” Mission?

In: Islamic Wealth and the SDGs

Author

Listed:
  • Irfan Syauqi Beik

    (Bogor Agricultural University (IPB))

  • Mohd Hasbi Zaenal

    (BAZNAS Center of Strategic Studies)

  • Abdul Aziz Yahya Saoqi

    (BAZNAS Center of Strategic Studies)

Abstract

Inequality in economic and social aspects is a severe problem faced by governments of various countries. According to the data from the World Bank, the average inequality ratio in the world reaches 0.38, which indicates that there are 38 out of 100 people whose income or wealth is below average. This paper aims to investigate the Islamic ethical wealth in the management perspective and how it may technically and strategically contribute to eradicating social and economic inequality. It also analyzes contribution of major Islamic wealth distribution instrument, which especially is represented by zakat and waqf, in eliminating inequality. The presence of zakat distribution program as well as utilization of both social and commercial waqf assets is found to increase productivity of the poor so that they can meet their basic needs. The paper also elaborates the model of waqf asset corporatization that can provide greater benefit to the society who are in need.

Suggested Citation

  • Irfan Syauqi Beik & Mohd Hasbi Zaenal & Abdul Aziz Yahya Saoqi, 2021. "How Islamic Ethical Wealth May Strategically and Technically Support “Reduced Inequality” Mission?," Springer Books, in: Mohd Ma'Sum Billah (ed.), Islamic Wealth and the SDGs, chapter 0, pages 359-372, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65313-2_18
    DOI: 10.1007/978-3-030-65313-2_18
    as

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