Charity account in Islamic financial institutions : creating a defined Shar_ı‘ah standard
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 14, Issue 3 (31 Dec. 2022), pp.315-332, 18 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2022-12-31
Country of Publication
Malaysia
No. of Pages
18
Main Subjects
Abstract EN
Purpose – this article seeks to propose a defined set of Shar_ıʿah standards and guidelines for the charity account in order to provide clear guidance to Islamic financial institutions (IFIs) and eventually create a standardised practice in the management of the charity account by IFIs worldwide.
design/methodology/approach – this article is based on a literature review regarding the origin and concept of the charity account for IFIs.
it makes reference to various primary Shar_ıʿah sources and contemporary Shar_ıʿah standards pertaining to impermissible income as it relates to the charity account.
It also analyses secondary sources of reference, in particular research papers and case studies on the same subject matter.
findings – this article proposes relevant Shar_ıʿah standards required for the better functioning and standardisation of the charity account application by IFIs.
research limitations/implications – this article will help IFIs, standard-setting bodies and regulators to develop a defined charity account framework.
It also addresses the gaps discussed in past research and case studies that have not been resolved to date, particularly on the determination and management of charity accounts at the level of IFIs.
Practical implications – the charity account will be better controlled and thus eliminating potential reputational issues arising from collecting and disbursing commitment to donate amounts (CDA).
Social implications – the charity account distribution will be better managed and thus of more benefit to the society and recipients.
originality/value – this article promotes the idea of standardisation in the practices of charity accounts, especially in terms of sources and disbursement.
American Psychological Association (APA)
al-Ali, Salim Ali. 2022. Charity account in Islamic financial institutions : creating a defined Shar_ı‘ah standard. ISRA International Journal of Islamic Finance،Vol. 14, no. 3, pp.315-332.
https://search.emarefa.net/detail/BIM-1490680
Modern Language Association (MLA)
al-Ali, Salim Ali. Charity account in Islamic financial institutions : creating a defined Shar_ı‘ah standard. ISRA International Journal of Islamic Finance Vol. 14, no. 3 (2022), pp.315-332.
https://search.emarefa.net/detail/BIM-1490680
American Medical Association (AMA)
al-Ali, Salim Ali. Charity account in Islamic financial institutions : creating a defined Shar_ı‘ah standard. ISRA International Journal of Islamic Finance. 2022. Vol. 14, no. 3, pp.315-332.
https://search.emarefa.net/detail/BIM-1490680
Data Type
Journal Articles
Language
English
Record ID
BIM-1490680