Islamic Social Bank: An Adaptation of Islamic Banking?

Shifa Mohd Nor

Abstract


ABSTRACT

Islamic banking is an experiment of the viability of Islamic economy with the aim to fulfil the socioeconomic justice that balances the material and social aspects of finance. However, the current practice of Islamic banking has yet to address the moral issues in promoting a balance between social and economic justice. Consequently, some scholars suggested that it is timely to learn from the experience of social banking model; that is an articulation of a sustainable and CSR oriented banking model in fulfilling the developmental needs of Muslim societies. Therefore, the purpose of this study is to introduce the idea of Islamic social banking based on the aspiration of Islamic moral economy. This paper will also discuss the social and sustainable features of social banking from an Islamic view which importantly will lead to social and economic development. The implication of the study is to fulfil the developmental needs of the Muslims in alleviating poverty and uplifting the social status by introducing a social bank which is Shari’ah compliance.

Keywords: Social banking; Islamic banking; sustainable development; Islamic moral economy

ABSTRAK

Perbankan Islam merupakan satu eksperimen berdaya maju dalam ekonomi Islam yang bertujuan memenuhi keadilan sosioekonomi dengan menyeimbangi aspek material dan sosial dalam kewangan. Namun, amalan semasa perbankan Islam dilihat tidak menangani isu-isu moral dalam menggalakkan keseimbangan keadilan sosial dan ekonomi. Oleh yang demikian, beberapa ilmuwan mencadangkan bahawa sudah tiba masanya untuk perbankan Islam mempelajari daripada pengalaman model perbankan sosial yang merupakan artikulasi model perbankan mampan dan berorientasikan tanggungjawab sosial korporat yang memenuhi keperluan pembangunan masyarakat muslim. Justeru itu, kajian ini dijalankan untuk memperkenalkan idea perbankan sosial Islam yang berteraskan kepada aspirasi ekonomi moral Islam. Kajian ini juga akan membincangkan ciri-ciri sosial dan kemampanan perbankan sosial daripada pendekatan Islam di mana ianya akan menjurus kepada pembangunan sosial dan ekonomi. Implikasi kajian ini adalah untuk memenuhi keperluan pembangunan orang-orang Islam dalam membasmi kemiskinan dan sekaligus meningkatkan status sosial masyarakat dengan memperkenalkan bank sosial yang patuh shari’ah.

Kata kunci: Perbankan sosial; perbankan Islam; pembangunan mampan; ekonomi moral Islam


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