Implementation of Maqasid Al-Shari'Ah as Model of Economic Development and Its Role in Solving Social Problems in OIC Countries

Seediscussions,stats,andauthorprofilesforthispublicationat:http://www.researchgate.net/publication/276101086

Implementationofmaqasidal-Shari'ahasmodelofeconomicdevelopmentanditsroleinsolvingsocialproblemsinOICcountries

RESEARCH·MAY2015

DOI:10.13140/RG.2.1.4067.4727

READS

92

Availablefrom:AhliddinMalikov

Retrievedon:21October2015

IMPLEMENTATION OF MAQASID AL-SHARI’AH AS A MODEL OF ECONOMIC

DEVELOPMENT AND ITS ROLE IN SOLVING SOCIAL PROBLEMS IN OIC

COUNTRIES

Ahlidin Malikov

BA (Hons) in Business Studies, London School of Commerce

Cardiff metropolitan University

SE1 1NX

Phone: +44 207 357 0077; Fax: +44 207 403 1163

E-mail: [email protected]

Abstract

The lack of alternative economic systems to capitalism has led many economists to believe

that development is inherently linked to the modernization theory which suggests that

developing countries can modernize by undergoing westernization and secularization.

However, modern academics argue that development cannot be measured solely on the basis

of material dimensions since it is a multi-dimensional process. Recent practices of Muslim

countries including Malaysia have indicated that significant economic growth can be

achieved by applying re-introduced Islamic norms and values. This divergence from the

modernization theory creates a potential alternative development model that measures

economic development based on not only material but also intellectual and spiritual

dimensions. This paper is an attempt to investigate the importance of implementing Maqasid

al-Shari’ah as a model of economic development and its role in solving social problems such

as poverty and inequality in OIC countries. Descriptive qualitative research method was used

to assess various dimensions of maqasid al-Shari’ah including Hifz al-Din, Hifz al-Nafs, Hifz

al-Aql, Hifz al-Nasl and Hifz al-Mal.

Keywords: Maqasid Al-Shari’ah, Economic development, OIC countries

Table of Contents

1. Introduction ................................................................................................................................... 4

2. Defining Maqasid al Shari’ah ........................................................................................................ 5

2.1 Macro and micro dimensions of maqasid al-Shari’ah ................................................................... 5

3. Maqasid al-Shari’ah as a paradigm of socio-economic development ........................................... 7

3.1 The three-stage development model ............................................................................................. 7

4. Maqasid-based Public policy and its role in poverty alleviation .................................................. 9

4.1 Moral training and technical support for poverty elimination ........................................................ 9

4.2 Public finance for poverty elimination from the maqasid perspective.......................................... 10

4.2.1 The role of Waqf institutions in poverty alleviation in OIC countries. ...................................... 10

5. Conclusion .............................................................................................................................. 11

References....................................................................................................................................... 12

1. Introduction

Limited economic resources relative to unlimited human wants have been one of the main

concerns of human societies for many centuries. Indeed, civilized societies have

developed various economic systems and ethical codes in order to govern the law of

scarcity. In this respect, neoclassical economics has grown to be the most widely taught

form of modern economics. Although neoclassical economists have built a number of

principles to understand the allocation of scarce resources among alternative ends, they

often fail to prioritise those resources in the pursuit of socio-economic goals. In other

words, central assumptions of neoclassical economics such as rational maximization and

market reasoning excessively focus on technical refinements at the expense of moral

purpose of economics (Tag El-Din 2013).

Prahalad (2005) contends that several billions of people living at the bottom of

the world economic pyramid with annual incomes under $1,500 - $2,000 can be a huge

market potentional for transnational corporations (TNCs) which aim at alleviating poverty

through “inclusive capitalism”1 while creating economic benefits for themselves.

However, Lavin (2005) challanges the benevolence of this project arguing that a real

poverty fighter sees the “next billion” as those who need to be taken out of absolute

poverty whereas an IT executive sees “next billion” as the next wave of customers that

may emerge from developing countires. Furthermore, Schwittay (2011) argues that the

TNCs which are trying to enhance the capacity of the poor to use technology in order to

access new markets see all human beings as “always already enterpreneurs”. This

indicates that convential development paradigms and the interests and values that they

carry have been discredited and there is a need to repair the economic moral fabric of

contemporary society.

The increasing presence of Islamic economics as a social functioning institution

has put forward pertinent solutions for social problems such as poverty and income

inequality which were caused by the lack of moral values in the current economic system.

The combination of basic principles and objectives of Islamic economics form maqasid al

shari‟ah which concentrates on a holistic approach of development facilitating the

transformation of society towards a sustained improvement of moral, spiritual and

material aspects of human life. This paper aims at investigating the importance of

implementing maqasid al shari’ah as a model of economic development to achieve

financial inclusion and mitigate social harm within a society. It also gives analytical

insight into maqasid-based public policy and its role in poverty elimination and the

reduction of inequality.

1 Inclusive capitalism is a model for development which focuses on stimulating both entrepreneurship (for

example through micro-financing) and extensive usage of IT in underdeveloped countries, as alternatives to

foreign aid.

2. Defining Maqasid al Shari’ah

As mentioned earlier, maqasid al Shari’ah denotes the underlying objectives and logical

basis of Shari’ah. The word maqasid is the plural form of maqsad which can be translated

as a directive destination or the straightness of a path. Shari‟ah refers to a body of Islamic

teachings that comprise a set of norms, values and laws that govern all aspects of life2.

Laldin (2013) further explains that all injunctions and prohibitions of Shari’ah are based

on the rationale of protecting human interests in this world and the hereafter. Therefore,

human beings can achieve prosperity by obeying the rules of Shari’ah that consist of

obligations and avoid hardships through shunning its prohibitions.

Imam al-Ghazali’s illustration on maqasid al-Shari’ah is particularly notable as it

rightly argues that the well-being of all humankind is sustained by safeguarding their faith

(religion), human self (nafs), intellect („aql), progeny (nasl) and wealth (mal). However,

Asutay (2007) points out that the objectives of Shari’ah defined by al-Ghazali reflect

individual-oriented objectives without social connotations. In this regard, Ibn Qayyim

averred that a dynamic interpretation of maqasid al-Shari’ah must include not only the

protection (hifz) of above mentioned five factors but also more extensive measures that

ensure welfare including justice and equity. Thus, exploring maqasid al-Shari’ah from

various angles will help us tackle contemporary social issues such as poverty and

inequality that cannot be handled solely by Law-based approach (Siddiqi, 2004).

2.1 Macro and micro dimensions of maqasid al-Shari’ah

The principles of maqasid al-Shariah are designed to enhance the public interest

(maslaha) through creating balanced satisfaction for a diverse range of human needs. Al-

Ghazali has defined maslaha as seeking of benefit and repelling of harm3. Similarly,

macro and micro dimensions of maqasid al-Shari’ah guide us how to set things rightly

and eliminate the corruption from all kinds of activity in the society. This corresponds to

the following verses of the Qur’an in which Allah (SWT) says “O ye Children of Adam!

Whenever there come to you apostles from amongst you, rehearsing my signs unto you

those who are righteous and mend (their lives), - on them shall be no fear nor shall they

grieve” (7:35) and “Then remember the favours of Allah and do not commit abuse on the

earth, spreading corruption” (7:74).

It is necessary to point out that the understanding of maqasid al-Shari’ah in ibadah

differs from its applicability in Muamalat issues. Ibadah are acts of ritual worship such as

prayer and fasting whereas Muamalat refers to a set of rules regarding worldly matters

such as business, trading and commercial transactions as well as borrowing and lending

contracts. The key distinction here is that ibadah are strictly not susceptible to

innovations (bid‟ah) or changes. In muamalat, on the other hand, there is noticeably more

room to expand or amend the law in order to facilitate human interaction and promote

justice. Hence, muamalat requires more dynamic maqasid al-Shari’ah in order to

appreciate the needs and demands of the society (Mohammad and Shahwan, 2013).

Islamic banking and finance incorporates both macro and micro dimensions of maqasid

al-Shari’ah as it is based on a comprehensive ethics and moral values that stemmed from

2 Qur’an, 45:18

3 Kabir Hassan, “Islamic Capital Markets: Products and Strategies” pp.31-34

the Islamic religion. According to Ahmed (2011), the application of maqasid al-Shari’ah

in Islamic finance is mainly focused on the protection of wealth (hifz al-mal) among the

types of maslaha classified by al-Ghazali. Indeed, one of the key objectives of Islamic

finance is to mobilize and distribute resources fairly by allocating them from surplus

sectors to deficit sectors. Thus, it becomes evident that macro dimension of maqasid al-

Shari’ah with respect to hifz al-mal is to achieve human well-being through facilitating

smooth and consistent circulation of wealth in the society.

It is important to mention that wealth in Islam is considered as Allah’s bounty to

mankind and also a trust (amanah) for which He made people accountable temporarily.

Viewing from this perspective, Islam does not oppose the accumulation of wealth as long

as funds are wisely utilized, not misused, wasted or left idle. The only concern it puts

forward is the obsessive preoccupation in accumulating wealth that will cause the

amassing of immense capital in the hands of a few individuals. For that reason, there is a

compulsory charity (zakat) in Islam for the funds which are not in use. Being a mandatory

duty, zakat serves to reduce the amount of idle wealth and thus put it back into circulation

(Laldin, 2013).

On the other hand, micro dimension of maqasid al-Shari’ah is concerned with

certain issues in relation to individual financial transactions (Dusuki , 2009). More

specifically, it embraces several principles that aim to facilitate the realization of

maslahah by eliminating harm in commercial and financial transactions. As noted by

Lewis (2014), transparency and fairness are of the essence while conducting Islamic

financial activities since they constitute the main principles of Shari’ah to protect the

parties against exploitation or correct imbalance between their reciprocal rights and

obligations. Transparency means that all financial transactions must be carried out in a

way that all parties are aware of all important facts of transactions so as to avoid conflicts,

disputes or harm to any party. With regard to fairness, there ought be equity between the

contracting parties as well as honesty and integrity in transactions. Therefore, any kind of

fraud, deception or misleading statements make contracts null and void.

Last but not least, justice (adalah) is an overarching objective of Islamic economic

system representing both macro and micro dimensions of maqasid al-Shari’ah. It is

essential to note that Allah (SWT) has mentioned justice fifty-three times in the Qur’an4

and placed it “nearest to piety”5 in terms of its importance in Islam. Accordingly, this

objective encompasses a wide range of concepts such as fairness, setting things rightly,

equality and harmony. Iqbal and Mirakhor (2007) further describes it as a right (haqq) to

have equal opportunity, to be free from exploitation and to receive true value in exchange

for one’s labour. Moreover, al-Mawardi asserted that comprehensive justice involves

mutual love and affection, compliance with norms, development of the country,

expansion of wealth, growth of progeny and security of the sovereign6. Overall, the

establishment of justice promotes the welfare of humankind removing any factors

impeding society’s intellectual development, economic progress and social freedom.

4 Dr. Mohammad Hashim Kamali, Maqasid (Higher Objectives) of Shariah,

www.messageinternational.org/maqasid-higher-objectives-of-shariah/ 5 Qur’an, 5:8 6 Muhammad Umer Chapra, “The Islamic Vision of Development in the light of Maqasid al-Shari‟ah” pp. 10-11

3. Maqasid al-Shari’ah as a paradigm of socio-economic development

Development has been one of the most widely discussed topics in Social sciences in the

post World War II period. Both neoclassical theorists and those who disagree with them

have expounded on broad dimensions of the concept of development as well as its scope

and nature. As explained by Halperin (2013), the neoclassical perspective of development

represents a further eloboration of modernization theory. In this regard, one of the most

influential economists of our time, Joseph Stiglitz has described development as a

transformation of society, a movement from traditional relations, traditional ways of

thinking, traditional ways of health and education, traditional methods of production to

more “modern” ways7.

In today’s world, almost all societies who have adopted a capitalist model of

development that is based on secular and materialist worldview consider the growth in

income and wealth as the primary measure of development. However, researches have

shown that real human welfare cannot be achieved by giving undue emphasis on the

material components of well-being at the expense of the spiritual and intellectual. Hence,

Chapra (2008) rightly argues that there can be a positive association between hapiness

and wealth only up to the level where all basic biological needs are met. Undoubtedly,

there are numerous non-material needs of human beings that do not necessarily get

fulfilled with the rise in income. Yet, conventional economists have generally refrained

from discussing these needs since they involve unquantifiable value judgements.

Islamic concept of development, on the other hand represents a comprehensive

vison of human well-being that necessitates the fulfillment of not only material but also

spiritual and intellectual needs of mankind in order to ensure sustainable economic

development for the longer term. The failure to take care of non-material needs, in

particular will lead to the deterioration of well-being and ultimately bring about the

society and its advancements collapse. Islam has demonstrated how to address the

satisfaction of these needs through maqasid al-Shari‟ah (objectives of Shari’ah). Al-

Ghazali’s classification of maqasid al-Shari’ah which emphasizes the protection of faith

(din), the human self (nafs), intellect (aql), posterity (nasl) and wealth (mal) has greatly

helped other prominent scholars develop new theoretical framewors that address the

changing needs and environment of not only the individuals but also their society.

3.1 The three-stage development model

In accordance with al-Ghazali’s maqasid theory, Abu Ishaq al-Shatibi has provided a

clear analytical insight into a three stage development model which classifies the pulic

interest (maslaha) into Necessities (dharuriyyah), Needs (hajiyyah) and Perfections

(tahsiniyyah). According to al-Shatibi, the preservation of the five essential elements

identified by Al-Ghazali falls under the category of Necessities. To put it differently,

Necessities are the bare minimal requirements of sustainable human livelihood that

involve hardship in their satisfaction. Therefore, Needs eliminate difficulties and extend

conveniences (tawsi‟ah) in the satisfaction of Necessities. Likewise, Perfections increase

7 Joseph E. Stiglitz, “Towards a New Paradigm for Development: Strategies, Policies, and Processes”, Prebisch

Lecture at UNCTAD, Geneva, October 19, 1998

the satisfaction of Necessities further through enhancement and excellence in quality (Tag

El-Din, 2013).

Given the Necessity (dharurah) constitute the foundation of Needs and

Perfections, each of its five elements brings a specific contribution to the realization of

socio-economic well-being. More precisely, religion (din) is considered as the strategic

vision of well-being; self (nafs) is the central socio-economic goal; intellect (aql) is the

prolific human resource; posterity (nasl) is the multigenerational goal and wealth (mal) is

the material economic resource. Meanwhile, Needs represent second major component of

maslaha as they are intermediate goals to expand the strategy of well-being beyond the

satisfaction of Necessities. Finally, Perfections are inferior goals to improve the quality of

well-being.

R S

R S

R(1) S(2)

M M M(3) P(4) P P

W(5)

W

W

Figure 1.1: The three-stage development model based on maqasid al-Shari’ah (R - Religion; S - Self; M -

Mind; P - Posterity and W - Wealth are in order of strategic importance). The inner pentagon signifies

Necessities while the bigger and the outer pentagons signify Needs and Perfections respectively.

As can be seen from figure 1.1, the five Necessities are structural elements that will be

amplified by Needs and Perfections. This indicates that Islamic economics is not limited

to a basic-need strategy since maqasid scheme addresses ever-changing wants of human

beings provided that the process of economic satisfaction is governed justly and in

sequence based on the above mentioned three-stage development model.

4. Maqasid-based Public policy and its role in poverty alleviation

It is obvious that both market and non-market production has a specific role in sustaining

the goods and services that are necessary for the realization of socio-economic well-

being. Each person has to pay individually for the benefit of marketable goods (such as

clothing, books or personal electronics) and private services (for instance hotel, dentistry

and hairdressing). However, people pay collectively for the benefit of public goods (for

example highways, bridges and dams) and public services (such as education, healthcare

and national defence). In this respect, marketable goods and services refer to profit-

oriented accounting records of private costs and benefits while public goods and services

refer to non-profit-oriented accounting records of public goods and services. Public policy

plays a substantial role in the production, financing and maintenance of private and public

goods which entail economic decisions to allocate scarce resources among rival

alternative uses.

Furthermore, public policy is concerned with recovering social costs that are

caused externally by the production of marketable goods and services. More specifically,

the production of marketable goods by profit-maximising firms leads the private costs and

benefits to diverge from public costs and benefits since the accounting records of private

firms take no consideration of the social cost8 of industrial development such as air

pollution and water contamination. In such circumstances, public authority intervenes in

order to restore the social cost and benefit balance with the aid of taxation and other fiscal

policy weapons.

Islamic economics has developed the foundations of a maqasid-based public

policy in accordance with the three-stage development model that was proposed in the

previous chapter. The maqasid-based policy suggests that equitable distribution of wealth

is a special public service that eliminates poverty through steady and consistent reduction

of inequalities. Viewing from the three-stage development perspective, the elimination of

absolute poverty9 is Necessity, the steady and consistent reduction of relative poverty

10 is

Need while the elimination of relative poverty constitutes Perfection.

4.1 Moral training and technical support for poverty elimination

In general, all public services necessitate moral incentive as a driving force for their

delivery. For example, the delivery of national defence or national security becomes

impossible without strong moral dedications of the ones who are prepared to sacrifice

their lives for their country and risk their lives for the enforcement of law. Likewise,

public health invokes moral commitments and appropriate technical support for fighting

the potential causes of disease or infection. This is also relevant to the delivery of

“distributional equity” since it is a public service which ensures a healthy socio-economic

environment free from poverty and inequality.

However, capitalist societies have failed to provide moral training and technical

support needed for distributional equity despite the fact they have so far managed to

8 Social cost is a bad effect that business activities have on people, society or the environment. 9 Absolute poverty refers to an acute deprivation of basic human needs such as minimal food, safe drinking

water, clothing and shelter. It is also defined as a condition of having an income of less than $1 per day. 10 Relative poverty is the condition in which people lack the minimum amount of income needed in order to

maintain the average standard of living in a particular society.

provide appropriate practical qualifications for the delivery of other public services such

as national defence, the police service and public health through conventional government

budgetary approach. In other words, modern free market governments see the breakdown

of the state as the biggest national threat that must be avoided at all costs. For that reason,

they give more priority to national defence and public health than poverty elimination or

distributional equity. Yet from the maqasid standpoint, the breakdown of the socio-

economic justice is as dangerous as the breakdown of the state. A perpetual state of

poverty while luxurious standard of consumption exists elsewhere within the same socio-

economic order represents total socio-economic breakdown. This drives home the fact

that poverty elimination carries equal importance as above mentioned strategic public

services. Thus, society members as a whole need moral training in relation to promoting

social responsibility and nurturing a culture of caring for the poor.

4.2 Public finance for poverty elimination from the maqasid perspective.

The failure of capitalist societies to sustain distributional equity proves that treatment of

poverty through tax revenue is curative and short-term as it lacks necessary moral training

and practical qualification for delivering this public service. Maqasid-based public policy

puts forward a preventative treatment of poverty which involves fostering and

institutionalising a culture of social responsibility in order to utilize people’s disposal

motive through voluntary contributions. The waqf institution is the evidence of how

social generosity in Islamic history undertook key social responsibilities that are now

being financed by central government budgets. Being an important pillar in the religious,

social, economic and political life of Islamic society, waqf can be used to finance every

conceivable enterprise of social benefit for example mosques, universities, hospitals,

orphanages, houses of the poor, food for the poor, the blind, battered women, well,

aqueducts, public baths, bridges, cemeteries, salaries, pensions, guesthouses, libraries,

books and animal welfare (Shirazi, 2014).

Waqf plays a significant role in mobilising voluntary contributions and engaging

people directly in welfare realisation and poverty elimination. Interestingly, similar

working hypothesis is gradually gaining ground in non-Muslim countries under the rubric

of third sector to institutionalise the role of voluntary contributions in the provision of

desirable public services. For instance, the office of the third sector (OTS) in the UK has

incorporated hundreds of thousands of that altogether contribute about £27 billion a year

to the British economy11

.

4.2.1 The role of Waqf institutions in poverty alleviation in OIC countries.

The waqf assets in OIC countries can be a part of the potential solution for helping the

needy. It is noteworthy that the number of waqf locations in Indonesia is over 358,710

which constitute 1.5 million square kilometres (Indonesian Waqf Board). Moreover, cash

waqf has grown significantly in Indonesia in recent years thanks to its flexibility and

potential to benefit poor in all parts of the country. Indonesian Waqf Deposit (IWD) has

11 Choudhury (2007), “British Muslims and the development of Waqf sector”

enormously facilitated the redistribution and the management of cash waqf. The cash

awqaf has an annual potential collection of 3 trillion Rupiah12

.

Social, Economic and Educational Status of the Muslim Community of India

reported that there are approximately 490,000 registered awqaf across India and the total

area under awqaf properties are about 600,000 and the book value at about Rs 60 billion.

If these properties are put to efficient and marketable use they can generate at least

minimum return of 10 percent which is about Rs. 12,000 crores (about US $2.4 billion)

per annum. Wherever the Waqf lands have been put to efficient use they have generated

an average return of about 20 percent13

.

5. Conclusion

The primary goal of this paper was to investigate the importance of implementing

maqasid al-Shari’ah as an economic development model and its role in eliminating

poverty and reducing inequality within a society. The observation of the selected

literature concluded that maqasid al-Shari’ah is an all-embracing concept that provides a

grand framework of socio-economic development. Furthermore, Al-Shatibi’s three-stage

development model explicated that maqasid scheme addresses ever-changing wants of

human beings provided that the process of economic satisfaction is governed justly and in

sequence of Necessities, Needs and Perfections. The implementation of maqasid-based

public policy doesn’t achieve utopia. However, it would tackle the issue of poverty and

inequality in muslim majority countries more effectively in comparison to its

conventional counterpart by providing necessary practical qualifications for the delivery

of distributional equity. Meanwhile, the problem of public finance in relation to the

delivery of distributional equity in OIC countries can be addressed by the Waqf

institutions as opposed to tax revenues. ALast but not least, maqasid-based public policy

would significantly contribute to the satisfaction of socio-economic well-being by

ensuring social cohesion and family integrity.

12 Affandi. H and Nufus. D. “Analysis of Cash Waqf Return Fund Allocation in Indonesia: A Case Study in

Indonesian Waqf Deposit” 2010. Available at http://www.ukm.my/hadhari/sites/default/files/prosiding/p7.pdf 13 http://www.scribd.com/doc/53403975/52/Economic-Potential-of-Wakf-Assets-in-India

References

Ahmed, H. (2011). Maqasid al-Shari’ah and Islamic financial products: a framework for

assessment. ISRA International Journal of Islamic Finance , 149-160.

Asutay, M. (2007). A Political Economy Approach to Islamic Economics: Systemic

Understanding for an Alternative Economic System . Kyoto Bulletin of Islamic Area Studies , 8-

10.

Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid al-Shari'ah .

London: The International Institute of Islamic Thought.

Dusuki, A. a. (2011). The framework of maqasid al-Shari‟ah (the objectivesof Shari‟ah) and its

implications for Islamic finance. Kuala Lumpur.

Dusuki, A. (2009). Challenges of Realizing Maqasid al-Shari'ah in Islamic Capital Markets:

Special focus on Equity-Based Sukuk. Challenges of Realizing Maqasid al-Shari'ah in Islamic

Capital Markets: Special focus on Equity-Based Sukuk (pp. 21-23). Penang: University Sains

Malaysia.

El-Din, S. I. (2013). Maqasid Foundations of Market Economics. Edinburgh: Edinburgh

University Press.

Foryt, S. (2004). Bridging the Digital Divide, HP's e-Inclusion. Singapore: INSEAD.

Halperin, S. (2013, December 3). Development Theory. Encyclopedia Britannica , pp. 1-3.

Hossein Askari, Z. I. (2010). Globalization and Islamic Finance: Convergence, Prospects and

Challenges. Singapore: John Wiley & Sons (Asia) Pte.

Laldin, M. A. (2010). Understanding the concept of maslahah and its parameters when used in

financial transactions. ISRA International Journal of Islamic Finance, , 62-83.

Lavin, B. (2005). The Next Billion .

M. Nejatullah, S. (2004). RIBA, BANK INTEREST AND THE RATIONALE. IRTI , 18-24.

Mervyn K. Lewis, M. A. (2014). Risk and Regulation of Islamic Banking . Cheltenham: Edward

Elgar Publishing Limited.

Mervyn K. Lewis, M. A. (2014). Risk and Regulation of Islamic Banking. Cheltenham: Edward

Elgar Publishing Limited.

Mohammad Akram Laldin, H. F. (2013). Developing Islamic Finance in the framework of

maqasid al Shari'ah. International Journal of Islamic and Middle Eastern Finance and

Management , 278-279.

Mustafa Omar Mohammad, S. S. (2013). The objective of Islamic Economics and Islamic

Banking in Light of Maqasid Al-Shari'ah. Middle-East Journal of Scientific Research , 79-81.

Prahalad, C. (2010). The Fortune At The Bottom Of The Pyramid. New Jersey: Pearson Education

Inc.

Rudnyckyj, D. (2014). Economy in practice: Islamic Finance and the problem of market reason.

Journal of The American Ethnological Society , 112-113.

Schwittay, A. (2011). The Marketization of Poverty. Current Anthropology , 75-77.

Shirazi, N. S. (2014). Integrating Zakāt and Waqf into the Poverty Reduction in IDB countries.

Islamic Economic Studies , 87-88.

Zamir Iqbal, A. M. (2007). An Introduction to Islamic Finance: Theory and Practice. Singapore:

John Wiley & Sons (Asia).