Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model

Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model

Purpose: This paper examines and reflects the ongoing debate on the social responsibility role of Islamic financial institutions (IFIs) in the light of the literature in the area of third sector and three-sector economic model. Subsequently, it seeks to develop a framework that can be used to concep...

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Main Author: Barom, Mohd Nizam
Format: Article
Language:English
English
Published: 2019
Subjects:
HB126.4 Islamic Economics
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/72997/
http://irep.iium.edu.my/72997/
http://irep.iium.edu.my/72997/1/MN%20Barom%20%282019%29_Framing%20the%20social%20responsibility%20role%20of%20IFIs%20within%20a%20three-sector%20economic%20model_HSSR%20Vol.%207%281%29%2C%20pp.%20180-188.pdf
http://irep.iium.edu.my/72997/7/scopusresults.pdf
id iium-72997
recordtype eprints
spelling iium-729972019-07-03T00:15:39Z http://irep.iium.edu.my/72997/ Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model Barom, Mohd Nizam HB126.4 Islamic Economics HG3368 Islamic Banking and Finance Purpose: This paper examines and reflects the ongoing debate on the social responsibility role of Islamic financial institutions (IFIs) in the light of the literature in the area of third sector and three-sector economic model. Subsequently, it seeks to develop a framework that can be used to conceptualise the potential interaction between the different sectors in the economy in relation to social welfare issues and locate the social responsibility role of IFIs within this framework. Methodology: The paper uses an integrative analysis of Islamic finance and third sector literature, particularly on the American and European conceptions of the interactions between the three main sectors in the economy, i.e. public, private and ‘third’ sectors. Results: The paper develops a modified circular flow of income and expenditure model as a basis for the integrative framework for social welfare provision within a three-sector economic model. Subsequently, it locates the social responsibility role of IFIs within this framework with the understanding that social welfare burden is a collective responsibility and therefore shared among the various potential welfare providers in the economy. Implications: The integrative framework of social welfare provision within a three-sector economic model as conceptualised in this paper highlights a multi-institutional approach towards promoting socio-economic justice and society's well-being in an Islamic economy, and hence provides a proper and reasonable context for social responsibility roles expected of IFIs. 2019 Article PeerReviewed application/pdf en http://irep.iium.edu.my/72997/1/MN%20Barom%20%282019%29_Framing%20the%20social%20responsibility%20role%20of%20IFIs%20within%20a%20three-sector%20economic%20model_HSSR%20Vol.%207%281%29%2C%20pp.%20180-188.pdf application/pdf en http://irep.iium.edu.my/72997/7/scopusresults.pdf Barom, Mohd Nizam (2019) Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model. Humanities and Social Sciences Reviews, 7 (1). pp. 180-188. E-ISSN 2395-6518 https://doi.org/10.18510/hssr.2019.7122
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
English
topic HB126.4 Islamic Economics
HG3368 Islamic Banking and Finance
spellingShingle HB126.4 Islamic Economics
HG3368 Islamic Banking and Finance
Barom, Mohd Nizam
Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
description Purpose: This paper examines and reflects the ongoing debate on the social responsibility role of Islamic financial institutions (IFIs) in the light of the literature in the area of third sector and three-sector economic model. Subsequently, it seeks to develop a framework that can be used to conceptualise the potential interaction between the different sectors in the economy in relation to social welfare issues and locate the social responsibility role of IFIs within this framework. Methodology: The paper uses an integrative analysis of Islamic finance and third sector literature, particularly on the American and European conceptions of the interactions between the three main sectors in the economy, i.e. public, private and ‘third’ sectors. Results: The paper develops a modified circular flow of income and expenditure model as a basis for the integrative framework for social welfare provision within a three-sector economic model. Subsequently, it locates the social responsibility role of IFIs within this framework with the understanding that social welfare burden is a collective responsibility and therefore shared among the various potential welfare providers in the economy. Implications: The integrative framework of social welfare provision within a three-sector economic model as conceptualised in this paper highlights a multi-institutional approach towards promoting socio-economic justice and society's well-being in an Islamic economy, and hence provides a proper and reasonable context for social responsibility roles expected of IFIs.
format Article
author Barom, Mohd Nizam
author_facet Barom, Mohd Nizam
author_sort Barom, Mohd Nizam
title Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
title_short Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
title_full Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
title_fullStr Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
title_full_unstemmed Framing the Social Responsibility Role of Islamic Financial Institutions within a Three-sector Economic Model
title_sort framing the social responsibility role of islamic financial institutions within a three-sector economic model
publishDate 2019
url http://irep.iium.edu.my/72997/
http://irep.iium.edu.my/72997/
http://irep.iium.edu.my/72997/1/MN%20Barom%20%282019%29_Framing%20the%20social%20responsibility%20role%20of%20IFIs%20within%20a%20three-sector%20economic%20model_HSSR%20Vol.%207%281%29%2C%20pp.%20180-188.pdf
http://irep.iium.edu.my/72997/7/scopusresults.pdf
first_indexed 2023-09-18T21:43:30Z
last_indexed 2023-09-18T21:43:30Z
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