The Contributions of Islamic Social Financial Institutions in Realizing Sustainable Economic Recovery for the Muslim Communities in the Philippines
Keywords:Keywords: Islamic Social Financial institutions, Muslim Minority, Philippines, Economic Recovery
Following the trends of world economies in their quest for a holistic framework and model that may contain the worst crisis that the global community is currently facing, the present study aims to show that there is an urgency for the revival of Islamic financial institutions: zakat, waqf, sadaqah, halal industry, and Islamic microfinance at the midst of a capitalistic system of economy. The purpose of the study is to re-discover the potential roles of Islamic financial institutions in securing a sustainable economic recovery that may uplift the socio-cultural and economic conditions of the Muslim communities in the Philippines. In addition, the study seeks to clarify that the economic label that describes the dormancy of Islamic social financial institutions does not stem from its sources, but rather, due to lack of recognition on the part of the government policymakers. Although the discourse of Islamic social finance is at its nascent stage, the study, however, found out that due to an integrated approach of Islamic social finance and its proper contextualization following the Shari’ah and the Philippine laws, a score of scholars, leaders, and intelligentsia have been convinced for the revival of Islamic financial institution and its mainstreaming with the national economic system.
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