A Glance Into The Future
Islamic Social finance is a well-established concept that has always played a significant socioeconomic role throughout history. It has served as a philanthropic tool and made vast contributions in the development of Islamic civilisation and continues to prove its vast ability, rivalling conventional banking, as an effective financial tool which offers support that meets the needs of the poor. Economic justice, shared prosperity and inclusive participation are the key principles that underline Islamic social finance. When properly developed, managed, and utilised, it can be harnessed as a highly effective platform that creates sustainable and perpetual benefits to society.
With constant disruptions taking place in the fintech space and with the introduction of new technologies such as blockchain, it brings renewed hope for the revival of Islamic social finance, in terms of moving away from traditional methods to a more inclusive and diversified approach which will benefit future generations. It is time that formal Islamic social finance goes back to its core ideals, extending its impact over the entire landscape of economic development. The global drive towards an equitable existence is acting as catalyst for the resurgence of Islamic social finance. Finterra leads the way in contributing a unified approach to global equality and to achieve a ‘better world’.