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Can Islamic Philanthropy Increase Financial Inclusion?

Author

Listed:
  • Ismail, Abdul Ghafar

    (The Islamic Research and Teaching Institute (IRTI))

  • Zaenal, Muhammad Hasbi

    (Universiti Kebangsaan Malaysia)

  • Taufiq, Umar

    (The Islamic Research and Teaching Institute (IRTI))

Abstract

Financial inclusion has become an integral part of many development institutions and multilateral development banks (MDBs) in an effort to promote inclusive growth. Many countries introduce their financial inclusion policy and strategy. The study that reports on the financial insclusion are not many. Furthermore, the study that specifically aims to address the financial inclusion for Islamic financial system is very limited. This study is limited to banking services. From the institutional perspective, it only looks at the partial aspects of Islamic finance. Whereas the definition of Islamic finance should institutionally cover the philanthropy. This study is aimed to explain theoretically on how the philanthropy instruments can increase the financial inclusion. Our study show that: first, philanthropy instruments increase the range of financial services available to underserve markets. Second, the more philanthropy instruments, they increase the number poor to have an account with Islamic financial institutions and at the same time the poor also get access to financings from the Islamic financial instututions.

Suggested Citation

  • Ismail, Abdul Ghafar & Zaenal, Muhammad Hasbi & Taufiq, Umar, 2016. "Can Islamic Philanthropy Increase Financial Inclusion?," Working Papers 1437-2, The Islamic Research and Teaching Institute (IRTI).
    • Handle: RePEc:ris:irtiwp:1437_002
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    Keywords

    financial institutions; financial inclusion; philanthropy; financial services;
    All these keywords.

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