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European Journal of Applied Sciences – Vol. 11, No. 1
Publication Date: January 25, 2023
DOI:10.14738/aivp.111.13302.
Rahama, S. T. M. (2023). Poverty Elevation by Islamic Finance. European Journal of Applied Sciences, 11(1). 80-93.
.
Services for Science and Education – United Kingdom
Poverty Elevation by Islamic Finance
Dr. Al Siddig Talha Mohamed Rahama
Imam Mohammed Ibn Saud Islamic University
ABSTRACT
This paper discusses the Islamic finance and its role to resolve poverty problems,
the different tools and models of Islamic finance will provide enriching of finance
phenomena that emerge new era and changeable behavior, The paper also
investigate the nature of traditional financing system that build upon the rate of
interest model which only distributed the fund to high income groups. The paper
focuses for these Islamic tools that diversification finance for, new methods of
finance. Through mobilization of rural saving for poor people by providing
financing for several potential areas including finance for agricultural inputs, agro- based industries, milk plants, woolen mills, farm machinery assembly & rural
structure projects. there by empirical investigation on the effect of Islamic finance
as an alternative financial model to solve poverty alleviation problems have
accomplished within the discussion, to result in showing why Islamic financial
models are better as approach and practice than conventional one, Islamic models
can be implemented at the non-Moslem societies also.
Keywords: Islamic Finance, Poverty, rate of interest, Islamic mode, eradication
التخفيف من حدة الفقر بواسطة التمويل اإلسالم
المستخلص .
ًء
تناقش هذه الورقة المالية اإلسالمية ودورها في حل مشاكل الفقر ، وستوفر األدوات والنماذج المختلفة للتمويل اإلسالمي إثرا
لظواهر التمويل التي تبرز لعصر جديد وسلوك متغير ، كما تبحث الورقة في طبيعة نظام التمويل التقليدي الذي يبني على نموذج
معدل الفائدة الذي يوزع الصندوق فقط على الفئات ذات الدخل المرتفع. تركز الورقة على هذه األدوات اإلسالمية التي تمول التنويع
من أجل طرق التمويل الجديدة. من خالل تعبئة المدخرات الريفية للفقراء من خالل توفير التمويل للعديد من المجاالت المحتملة بما
في ذلك تمويل المدخالت الزراعية والصناعات القائمة على الزراعة ومصانع األلبان ومصانع الصوف وتجميع اآلالت الزراعية
ومشاريع الهيكل الريفي. هناك من خالل التحقيق التجريبي حول تأثير التمويل اإلسالمي كنموذج مالي بديل لحل مشاكل التخفيف
من حدة الفقر التي تم تحقيقها خالل المناقشة ، مما يؤدي إلى توضيح سبب كون النماذج المالية اإلسالمية أفضل كنهج وممارسة من
النموذج التقليدي ، ويمكن تنفيذ النماذج اإلسالمية في المجتمعات غير المسلمة أيضا
.
.المفردات الرئيسية: التمويل اإلسالمي ، الفقر ، الفائدة ، النمط اإلسالمي ، االستئصال
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Rahama, S. T .M.,(2023). Poverty Elevation by Islamic Finance. European Journal of Applied Sciences, 11(1). 80-93.
URL: http://dx.doi.org/10.14738/aivp.111.13302
OVERVIEW
Islamic Finance even it emerging recently but development and expanded upon all the world,
we know that it is only in the past few decades lots of efforts have been made to explain Islamic
financial and economic principles.
Important matters these days as the emergence of Islamic finance round the world, the paper
also discuss the issue of poverty its meaning and what is the reasoning of it and what happen
according to the conventional financial system, that conserving only with the rate of interest
model. Therefore. understand how under developing countries suffering heavily, and the
poverty rates increasing. the demonstration mainly raises the model of Islamic finance as
substitution by an innovative transform model, which create development mainly and solve the
problem of poverty with many more advantages and financial benefits. In short, Islamic tools
crushing the poverty as by Zakah , Awgaf ,and Islamic mode of finance.
This paper has four sections, firstly the poverty issue, it is meaning and types, as well as reasons
and quantities. It is next section, an examine into the financial system, which affecting a
continual increase on poverty rate, which originated from the rate of interest model, especially
when provide it is finance for the under developing countries, as example to dominate these
countries by huge amount of funds, and increasing on debt rate, unfortunately both IMF & WB
contribute for these results. Thereby, leave these countries under the poor rate. Further,
scenarios on internal finance will aggravation situations as well. Third section is about the
Islam, -as its last religious and the whole message came from GOD by prophet Mohammed
(peace be upon him) regulate the material and spiritual life- which provide a holistic view that
can interpret into sort of system that affect all aspect as economic, social and political life. The
last section discusses the Islamic tools for finance, include Zakah, Awgaf, and the Islamic mode
of investment.
POVERTY
Poverty is pronounced deprivation is wellbeing including -low income and the inability to
acquire the basic goods and services necessary or survival with dignity (world bank 2006). The
statistical reported that billions of people live in extreme poverty about 1/2 of the population
live in poverty
Poverty linguistically is being poor, want scarcity or lack, inferiority, poorness, poverty being
sick but not able to see doctor, poverty not having enough money to pay the rent. Poverty is
hunger, lack of shelter, being sick and not being able to see a doctor, not having access to
education, or not having a job, it is fear for the future and living one day at a time.
Poverty has many faces, changing from place to place and across time, and has been described
in many ways. Most often, poverty is a situation people want to escape. So, poverty is a call to
action -for the poor and the wealthy alike- a call to change the world so that many more may
have enough to eat, adequate shelter, access to education and health, protection from violence,
and a voice in what happens in their community. I In addition to a lack of money, It is about not
being able to participate in recreational activities, not able to send children on a day trip with
their schoolmates or to a birthday party,and not able to pay for medications for an illness. These
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are all costs of being poor. Those people who are barely able to pay for food and shelter simply
can’t consider these other expenses.
When people are excluded within a society, they are not well educated and when they have a
higher incidence of illness, there are negative consequences for society. We all paying the price
for poverty. The increased cost on the health system, the justice system and other systems that
provide supports to those living in poverty has an impact on our economy.
Reasons behind are varying as example the Disasters, war, dept, unfair trade, unemployment.
However, while much progress has been made in measuring and analyzing poverty, the World
Bank Organization is doing more work to identify indicators for the other dimensions of
poverty. This work includes identifying social indicators to track education, health, access to
services, vulnerability, and social exclusion.
As it is no one because that define poverty, and the impacts of it are different in every social
case. Poverty varies considerably depending on the situation. Feeling poor in Canada is
different from living in poverty in Russia or Zimbabwe. The differences between rich and poor
within the borders of a country can also be great.
Despite the many definitions, one thing is certain; poverty is a complex societal issue. No matter
how poverty is defined, it can be agreed that it is an issue that requires everyone’s attention. It
is important that all members of our society work together to provide the opportunities for all
our members to reach their full potential. It helps all of us to help one another.
THE TRADITIONAL FINANCIAL SYSTEM
The western economic ideology which build up the theory of scarcity of recourses that divided
the factor of production as land, labour, capital, and entrepreneur, these theory try to say the
rent is price of land, the wage for labour , the rate of interest is the price of money capital and
the profit for entrepreneur.
The interest rate is use for money price. It is the rate at which interest is paid by borrowers
(debtors) for the use of money that they borrow from lenders (creditors). Specifically, the
interest rate is a percentage of principal paid a certain number of times per period for all
periods, during the total term of the loan or credit. Interest rates are normally expressed as a
percentage of the principal for a period of one year.
The global financial system basically depend organizations to finance rich people by direct
loans ,no room for past experience that banking system is try to finance poor people along as
loaning them is consider high risky and pointless .Most theories upon rate of interest are
proofing this practice in the modern economy.
Simply, as we can see the target the traditional financial model is subjected by borrow and
lending, theses banks are aiming to absorbed the money from depositor after promise them to
give the specific rate of interest and after it collect these large amounts of money contact to the
business men and provide that with different rate of interest. Bank just collect from group and
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proceed it to other group to make profit through gaining the deferent between the rate of
interests.
It is a repeated routine of two similar transactions, with a narrow perspective on the money as
a technical account statement, brow and lend management between two parties, supposed to
be the money capital and business owners.
The important notification here is that accusation against the International Monetary Fund
(IMF) and the World Bank are the major cause of poverty, which for in under-development
countries, despite, claims that they will reduce poverty in Africa, it is widely accepted that most
of the debts are actually a cause of poverty in Africa, which are due to the policies of IMF and
the World Bank.1
Their programs have been heavily criticized over the years ,as they in most of the times result
in poverty scenarios and mysterious impact about how there as loans can be returned. The IMF
and the World Bank's polices are very different now from what they were originally intended
for.
These two monetary institutions were first formed by 44 nations at the Bretton Woods
Conference in 1944 with the goal of creating a stable framework for the post-war global
economy. The IMF in particular, was originally formed to promote steady growth and full
employments by offering unconditional loans to economies, in crises and establishing
mechanisms to stabilize exchange rates and facilitate currency exchange.
However, much of these visions never came to reality. Pressure from the US government made
IMF start offering loans based on strict conditions. Critics have said that these policies have
reduced the level of social safety and worsened labour and environmental standards in
developing countries.
Most Scholars and human rights activists contend that the Bank's aggressive dealings with
developing nations, which were often ruled by dictatorial regimes, exacerbated the developing
world's growing debt crisis, devastated local ecologies and indigenous communities.
The World Bank, initially known as the International Bank for Reconstructions and
Development, was formed to fund the rebuilding of infrastructure in nations ravaged by World
War II. Its focus soon changed in the mid 1980's. The Bank turned its attention away from
Europe to the third World countries, most of which are in Africa. It started funding massive
industrial development projects in Africa, Asia, and Latin America.
Critics say that IMF policies have reduced the level of social safety and worsened labour and
environmental standards in developing countries.
The World Bank and IMF adjustment programs differ according to the role of each institution.
IMF's loan conditions focus on monetary and fiscal issues. They emphasize programs to address
1
- awad/mohmed hashim-sudan & IMF1992
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inflation and balance of payment problems, often requiring specific levels of cut backs in total
government spending. The adjustment of the World Bank are wider in scope, with a more long- term development focus.
Thereby, they highlight market liberalizations, seen as promoting growth theory expanding
exports particularly cash crops.
The IMF and World Bank are largely controlled and owned by the development nations such as
USA, Germany, UK, Japan, amongst others. The US for example controls 17 to 18% of the voting
right at the IMF. When an 85% majority is required for a decision, the US effectively has veto
power at the IMF. In addition, the World Bank is 51% funded by the US treasury.
Under a plan devised mechanism the World Bank and the IMF loan money in return for the
structural adjustment of their economies. This means that economic direction of each country
would be planned, monitored, and controlled in Washington. For instance, the World Bank
assistance for helping a poor country involves, country by country investigations with a
meeting of begging-Finance Ministers who are handed a restructuring agreement pre-drafted
for voluntary signature.
Trade liberalization can lead to dumping of cheap and substandard products from outside. This
undermines local industries that produce or intend to produce the same products.
According to James Sackey, former World Bank Country Representative in Sierra Leone, these
instructions include privatizations, trade liberalization, high interest rates etc. Trade
liberalization for under-developed economies could have some serious attendant effects.
For one, it could lead to dumping of cheap and substandard products from outside. Such items
as clothes, shoes, creams are just amongst many others that flood markets in developing
economies. This undermines local industries that produce or intend produce the same
products. Under- development countries infant industries fail to take off under extensive trade
liberalization. This is also very critical with respect to imported food such as rice, wheat, milk,
amongst others. Developed countries which have excess of these food items reduce their prices
and export them to Africa as a way of getting rid of them. If such situations were not
conditioned, Africa would never be able to produce its own food.
Privatization, on the other hand, and its effects on government enterprises that do not function
well cannot be challenged. But wholesale privatization of everything that is government owned
cannot also be justified. In any case, there are few difficulties such as the limited indigenous
business to take over government enterprises. the shortages of local private capital to pay for
the running cost of privatized enterprises and the greater importance of the services to the
people of some enterprises as compared to being profitable.
What often happens is that it is so-called soft sectors of education, health, and housing amongst
others that will suffer from the cut in government expenditure.
Furthermore, high interest rates increase the incentive to save money, but they also encourage
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speculative investment that brings quick papers money profits to a few people, while adding
nothing to the productive capacity. High interest rates and high credit also make capital to start
new business get difficult to come by. Therefore, they result in stagnation.
Again, the cut in government expenditure in some cases could be necessary. Most governments
do not reduce expenditure on the army or on their non-productive and unnecessary areas. The
result is that cut in government expenditure ends up harming the welfare of the people.
Nonetheless, very important factor is that devaluation of currencies which is supposed to
increase self-sufficiency, by making imported products more expensive and African exports
cheaper. Since most African countries do not produce these products, it is not possible to
replace them with locally produced ones.
On the other hand, most of the countries that buy African products have set certain amounts on
how much can be imported or have fixed prices in foreign currencies to shelter their own
products, even when they become cheaper in local currencies, do not necessarily gain new
outside markets or earn more foreign exchange. as it always very cheap as it’s a very row
material with very low labour, and old technologies if so, other case the business is a foreign
owner.
The main source of revenues of the usurious banks is the interest which the charge in return
of the use of funds deposited with them as current accounts, The bank can create =paper money
= which is only of book value, this value is many times greater than the actual fund deposited.
Riba bank – Usury bank – Conventional bank – Traditional bank, the bank that concentrate upon
current account transactions (debit /credit). That the whole income of these bank emerges
from interest.
ISLAM
Islamic Shria is the principal guide, formed form Quran and Sunna -Sunna is way Profits lives
and says-to present all of issues that suite these roads
The spirit essence of the religion and the general principles of the Islamic were valid yesterday,
are valid today, and will valid tomorrow, as a comprehensive style of life through all life aspect
and live history of people as Islam also unite many past religions such as Christianity and
Judaism. Share will guide people as continually extrapolated from sources of the religion,
considering a main fact that Quran is the last of divine message for human guidance.2
The Islam organize the spiritual development of individual and rectify the socio–economic
structure of the society by moving towards social justice, as the economic issues were
introduced in the main sources of the religion *Quran and Sunna*. and have a distinguished the
character from other religions as Judaism and Christianity. it is easy to notice that it is a
religious community as well as a political, social and economic community.
It is practical bearings and contains thing that good and beneficial to the people irrespective of
2
-Ahme/ausaf-Lectures on Islamic Economics-IDB-Jeddah –KSA-1992
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time and place of stage of their cultural, social and technological development. {Today I have
perfected your religion for you and completed my blessing on you and approves Islam as the
way of life for you} Quran 3-3
MONEY IN ISLAM
Most The economist gave the meaning of money as [What Money is that Money does] Walker p
409--- The modern economic system by [ K, K Dewelt]. The whole existing financial system in
the world is built on a simple concept of money as a commodity. at the same simplicity, if money
is commodity, it must have a market, a price and has to be bought and sold. Thereby, the
commercial banks can use an interest rate as a tool to call the depositors to keeps their money
at the bank and also offer the business men to give them loans by certain rate of interest so the
bank is just like a machine for using the rate of interest plus and minus.3
Money in Islam:
it is a medium of exchange that represent the estimated value of things not as a commodity
itself.
It has special social importance, as it is not allowed of beingkept, without using in finance, trade
and and moved between people wherever need of investment. and is not allowed to play a role
of good, its function is just for evaluating goods and services with efforts only.
How money is Different from other commodities:
1. Money had a technical or artificial property of yielding its owner real income simply by
his
2. holding it i.e without exchange it against other goods.
3. It had no carrying cost no production cost and no substitute having complete liquidity.
4. Demand for money was not genuine as it was derived from demand for goods that
money could buy.
5. Money was exempt from the law of depreciation to which all goods were subject to that
law.
6. Money was the product of social convention having a purchasing power derived mainly
from its sovereignty as against the intrinsic value of other goods.
7. Commodity has value and benefit you can eat, drink, wear or different other activities
but money you cannot. money has no intrinsic value at all.
8. Money is the unified descriptive value of commodity while it is consumable,
transforming and luxury, comfort or beauty as it is an actual purpose of it self.
It is clear to be stated that Money is a means of exchange as it is no more than a means of
3
-Nan,Z,1988 Islamic Banking, The Malaysian Press
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It is noteworthy in this context study that Zakat’s organizations must ensure to finance projects
that will support better the lives of poor people. Those projects are more profitable and give
good results in the fight against unemployment and poverty. In this view [8] show that Zakah
generally alleviates poverty as it transfers wealth from those with lower marginal propensity
to consume to those with higher marginal propensity to consume. and it is mechanism to
exploit reserved money into a direction needy people.
The, application of the principle of "Zakat" allows the decentralization of the wealth in the most
favorable classes. Thus, its role is to ensure a degree of social justice by supporting the
necessary corrections to restore the socio-economic balance of the Islamic community. The
intervention of "Zakat" helps mitigate the problems of unemployment [. This mitigation is a
major care for modern states. The "Zakat" allows increasing the revenue of the unfavorable
category which stimulates their demand. This demand encourages investors to increase their
production. Thus, it stimulates in turn the act of investment and opens opportunities for new
entrepreneurs. So "Zakat" is seen as a stimulator for employment ]
. Even more crucial, this
charity participates in the eradication of poverty.
In this sense,"Zakat" is defined as the right of the poor in the rich. Certainly, it aims to cover the
basic needs of people living below the threshold of fluency. The importance of "Zakat" is also
reflected in its role as a stabilizer in economic cycles. It can weaken the high amplitudes and
decrease the duration of the depression. There are several methods of payment of "Zakat". It
can be paid in cash or in kind. According to the economic phase, expanding or declining, we will
reduce or increase the ratio (Consumer goods / capital goods).
AWGAF
Awgaf is a donation of property in perpetuity so that it cannot be sold or inherited by anybody.
Typically denoting an assets, building or plot of land or even cash.The donated assets are held
by a charitable trust.
The beneficiaries of the waqf can be persons and public utilities. Public utilities that
beneficiaries of a waḳf are such as mosques, schools, hospital, bridges, graveyards, etc. There is
dispute over whether the founder himself can reserve exclusive rights to use waqf.Most
scholars agree that once the waqf is founded, it can't be taken back.
The beneficiaries of the waqf can be persons and public utilities. The founder can specify which
persons are eligible for benefit (such the founder's family, entire community, only the poor,
travelers). Public utilities such as mosques, schools, bridges, graveyards and drinking fountains,
can be the beneficiaries of a waḳf.
Awqaf institutions are effective organizations for the socio-economic, cultural and religious
development of a country. They have no direct political involvement, although they exercise
considerable influence on the country’s political and social life. Governments now realise
awqaf’s significant contribution to their economies and consider the development of this sector
as a strategy to boostزيادة the economy and complement government’s social initiatives.
The issue of corporate governance is central to the idea of ‘sustainable development’. Awqaf
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capital and the client provides labor for joint venture. The profit generated by the venture is
divided according to a predetermined ratio. In the Mudaraba contract is one basic juristic rule
governing the transaction, which is that losses are to be borne only by the provider of funds
(lender), i.e the bank. The user of funds, i.e., the customer (the borrower) does not bear any
portion of the loss unless the loss was due to misconduct or negligence on his/her part.
(sirag2007)
The Murabha operation consist of a promise to by and a promise to sell ((There is existence of
some misapplication of Murabha which turned out to rather fictitious in some cases due to the
difficulty of tracing its implementation)).
Murabha sale consist of-1- a promise to by.2- a promise to sell and .3- Murabha sale -. It is not
however selling an unknown commodity so the bank receives a purchasing application and
does not offer to sell it until it has really acquired and owned the order commodity and showed
it to the client (purchase order) who will then decide whether or not it conforms to his
specifications.
Partnership (Musharka):
This is a partnership contract whereby the bank and the client contribute jointly to finance a
venture. Musharka has three forms:
1. Continued musharka.
2. Diminishing musharka.
3. Musharka in the working capital.
It focuses on an economic and social viability. Engagement in productive activity. Co- management in productive activity. On-financial capital. Absence of debt. It not builds up on
debtor/creditor relationship. Long –term perspective. High profitability.
Salam Sale
This is sale in which the price is paid immediately for goods to be delivered at a future date.
Salam is, at its origin, an agricultural product. The farmer normally needs financing for
purchasing agricultural inputs like seed, fertilizers, pesticides, diesel for tractor, payment of
water charges, labor, etc. The rational for Salam is the need of producers of agriculture and
small-scale enterprises.
Price of Salam can be in installments, that each period has a different price, like 1) for
planting.2) for clearing 3) for harvesting. These three steps can help the farmer to get finance
at the specific times he need. Also, figha accept the payment of the principal to be made in kind.
Islamic Insurance & Takaful Model & Muslim scholars are in consensus that cooperative
insurance is legitimate and permissible so the bank establish a cooperative insurance company
to carry all out all legitimate and permissible insurance activates on condition that its
cooperative nature and the insurance contract stating that the premiums paid by the insured
are grant from him to the company to be remitted to fellow contributors in need assistance. The
Islamic company deal with all types of insurance, except life insurance which is a replacement
to the model of Takaful group. All these companies are registered under Sukuk industry
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Sukuk Asset Based Structure involves raising finance when the principal is covered by capital
value of assets but returns and repayment to Sukuk holders are not directly financed by these
assets.
Sukuk in general may be understood as a shariah compliant ‘Bond’. In its simplest form sukuk
represents ownership of an asset or its usufruct. The claim embodied in sukuk is not simply a
claim to cash flow but an ownership claim. This also differentiates sukuk from conventional
bonds as the latter proceed over interest bearing securities, whereas sukuk are basically
investment certificates consisting of ownership claims in a pool of assets.
Sukuk (plural of word sak) were extensively used by Muslims in the Middle Ages as papers
representing financial obligations originating from trade and other commercial activities.
However, the present structure of sukuk is different from the sukuk originally used and are akin
to the conventional concept of securitization, a process in which ownership of the underlying
assets is transferred to a large number of investors through certificates representing
proportionate value of the relevant assets.
CONCLUSION
The Islamic finance is moving fast that many Islamic financial institutions build at non-Muslim
countries. Islam offers new perspectives for defining progress and sustainable civilization that
is based on social justice and quality of life rather than unlimited individual accumulation of
wealth. Hence, what becomes important in the new Islamic vision of the future is personal
transformation of a balanced and harmonious human rather than a consumer who strives for
material accumulation. Simply said, the Islamic model or paradigm is focused on expanding
human empathy not territory.
The Islamic financial model proves that it’s a suitable mechanism to solve the poverty problem
directly by emergent the different variety models that not only concern at only one type of
traditional financial system.
The multiple institution as zakah , Islamic banks ,Takaful or sukuk is responsible to provide
financial activities even for non-Muslim groups and societies to go though in alleviating the
burden of the poor. The world today waiting for the applications of most of these Islamic modes
of finance so as to bridge the gap between poor and richer, on the same way the percentage of
poverty can easily decrease and abolish immediately
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