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The role of Islamic social finance in societal welfare: a case study of selected IFBOs in southwest Nigeria

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journal contribution
posted on 17.09.2021, 10:55 by Abdullah A Shuaib, M SohailM Sohail
Purpose
This study aims to examine the role of Islamic social finance (ISF) instruments such as Zakah, Sadaqah and Waqf in the provision of social services by Islamic faith-based organizations (IFBOs) in Southwest Nigeria.

Design/methodology/approach
This study adopts exploratory approach based on field interviews conducted with leaders of IFBOs, whereas purposive sampling technique was used to select three case study organizations. Data collected from interviews and documents of case study organizations was analyzed using content and narrative analyses.

Findings
The first findings indicate faith in the Unseen God, scriptural texts and socio-economic factors as major motivation that accounted for the IFBOs’ concern for social services. The second finding shows that the ISF strategies used by the IFBOs to improve access to social services include Zakah, Awqaf, Sadaqah and gifts. The third finding reveals that the IFBOs have efficient stand-alone and windows operational structures that align with IFBOs corporate governance. The fourth finding also reveals the challenges facing the IFBOs such as inadequate funding, dearth of manpower, lukewarm and uncooperative attitude of Muslims and attitudinal behaviour of givers and takers.

Research limitations/implications
Absence of documented directory about the role IFBOs usage of ISF in providing social services in Southwest Nigeria affected the study. Many IFBOs were eliminated during the process of selection because of lack of records to indicate their social services relevant to the study. As such, information that could have been collected from the eliminated IFBOs could have contributed significantly to the study.

Practical implications
The major implications of the study are that ISF has been reinvented as an ethical social welfare framework for supporting the disadvantaged members of the society with ISF instruments and also highlighted the dichotomy existing between IFBOs in the North and Southwest Nigeria with respect to the legal and operational activities of IFBOs usage of ISF.

Originality/value
This study has contributed to a better understanding of the role of ISF instruments in the provision of social services in an area that is largely under-researched in Nigeria.

History

School

  • Architecture, Building and Civil Engineering

Published in

International Journal of Islamic and Middle Eastern Finance and Management

Publisher

Emerald Publishing Limited

Version

AM (Accepted Manuscript)

Rights holder

© Emerald Publishing Limited

Publisher statement

This paper was accepted for publication in the journal International Journal of Islamic and Middle Eastern Finance and Management and the definitive published version is available at https://doi.org/10.1108/IMEFM-06-2019-0229. This author accepted manuscript is deposited under a Creative Commons Attribution Non-commercial 4.0 International (CC BY-NC) licence. This means that anyone may distribute, adapt, and build upon the work for non-commercial purposes, subject to full attribution. If you wish to use this manuscript for commercial purposes, please contact permissions@emerald.com.

Acceptance date

26/05/2021

Publication date

2021-07-28

Copyright date

2020

ISSN

1753-8394

eISSN

1753-8408

Language

en

Depositor

Prof M. Sohail. Deposit date: 15 September 2021