Thomson Reuters ranked Malaysia as the most developed Islamic finance market in the world based on Islamic Finance Development Indicator values.
Malaysia’s rank was similar in the takaful sector for that year, but with Saudi Arabia as the leader, followed by Iran. Islamic social finance instruments could play a vital role in reducing poverty and addressing challenging socio-economic problems such as education, unemployment, malnutrition and health issues.
In Malaysia, the utilisation of philanthropic Islamic social finance instruments such as zakat and waqf seems to be restricted because of regulatory hurdles. Since the states shall only have power over Muslims, any sadaqah/charity based product or service involving both Muslims and non-Muslims may be placed under the care of the federal government riding on the meaning of general charities provided in the Federal List concerned.
Both initiatives intermediate the collection of sadaqah or endowment from the public regardless of race and religion.
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