THE INFAQ THEORY OF ISLAMIC PENSION
Keywords:
Islamic Pension, Islamic Welfare, Muslim Elderly, Muslim Employees’ Pensions, Infaq and Islamic Moral Economy
Abstract
This paper applies an Islamic economic perspective to a major conundrum besetting the Islamic world, namely, how to provide financial support to expanding ageing Muslim populations. The paper employs a qualitative method involving descriptive and analytical methods whereby primary and secondary data are analyzed to inductively form a formula for an Islamic pension scheme. The results of this study suggest that despite the benefits and worldwide application of pension schemes, proponents of Islamic finance remain ill-prepared and slow to devise prototypes of workable Islamic pension models designed to address the needs of ageing Muslim populations. The vast majority of existing pension schemes fail to comply with the principles and values of Islamic law and ethics. As a generality, Muslim populations would prefer to remain without pension provision rather than endorse a religiously unlawful policy. The paper proposes that infaq as a key institution of Islamic moral economy, provides an ideal foundation for the development of an Islamic pension model that satisfies both legal and ethical Islamic stipulations. Keywords: Islamic pension, Islamic welfare, Muslim elderly, Muslim employees’ pensions, infaq and Islamic moral economy.
JEL Classification Codes: G32, F65, L66, L25, M41.
References
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Al-Zuhayly, W., & Eissa, M. S. (2003). Financial transactions in Islamic jurisprudence. Damascus: Dar Al-Fikr.
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Asutay, M. (2007b). Conceptualisation of the Second-Best Solution in Overcoming the Social Failure of Islamic Finance: Examining the Overpowering of Homoislamicus by Homoeconomicus. IIUM Journal of Economics and Management, 15(2), 167-195.
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Azid, T., & Asutay, M. (2007). Does ethico-moral coalition complement to economic coalition? A response in the periphery of Islamic economics. Humanomics, 23(3), 153-173.
Akhsan, A. M., & Ryandono, M. N. (2022). The Role of Zakat Institutions in Supporting the Economy during the Covid-19 Pandemic. AFEBI Islamic Finance and Economic Review, 6(2), 94 -105.
Bahlous, M., & Yusof, R.M. (2014). International diversification among Islamic investments: is there any benefit. Managerial Finance, 40(6), 613-633.
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Dau-Schmidt, N. C. (2012). Forward contracts-prohibitions on risk and speculation under Islamic law. Indiana Journal of Global Legal Studies, 19(2), 533-554.
Dawabah, A. M. (2007). Studies in Islamic Finance. Cairo. Egipt: Darussalam.
Obaidullah, M. (2002). Islamic Risk Management: Towards Greater Ethics and Efficiency. International Journal of Islamic Financial Services, 3(4), 291-311.
El-Gamal, M. A. (2006). Islamic Finance: Law, Economics, and Practice. New York. USA: Cambridge University Press.
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Glaeser, E., Ponzetto, G. A. M., & Shapiro, J. M. (2005). Strategic Extremism: Why Republicans and Democrats Divide on Religious Values. The Quarterly Journal of Economics, 120(4), 1283-1330.
Glahe, F., & Vorhies, F. (1989). Religion, Liberty and Economic Development: An Empirical Investigation. Public Choice, 62(3), 201-215.
Guiso, L., Sapienza, P., & Zingales, L. (2003). People's Opium? Religion and Economic Attitudes. Journal of Monetary Economics, 50(1), 225-282.
Gottfried, P. (2007). The rise and fall of Christian democracy in Europe. Orbis, 51(4), 711-723.
Haq, I. U. (1996). Economic Doctrines of Islam: A Study in the Doctrines of Islam and Their Implications for Poverty, Employment, and Economic Growth. Herndon. USA: International Institute of Islamic Thought.
Hourani, H. (2004). The three principles of Islamic finance explained. Int'l Fin. L. Rev., 23, 46-47.
Haron, H., Ramli, N. M., Jamil, N. N., & Rahman, A. R. A. (2022). Values in an Islamic University in Malaysia: Analysis from Western and Islamic Perspectives. The Journal of Muamalat and Islamic Finance Research, 19(1), 86-105. https://doi.org/10.33102/jmifr.v19i1.415.
Iannaccone, L. (1998). Introduction to the Economics of Religion. Journal of Economic Literature, 36(3), 1465-1495.
Iqbal, M., & Llewellyn, D. (2002). Islamic Banking and Finance: New Perspectives on Profit Sharing and Risk. Cheltenham. U.K: Edward Elgar.
Iqbal, M., & Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance, and Prospects. New York. USA: Palgrave Macmillan.
Iyer, S. (2008). Religion and Economic Development. Policy Review, 148. 45-57.
Iqbal, Z. (1999). Financial Engineering in Islamic Finance. Thunderbird International Business Review. 41(4/5). 541-560.
Jan, S., & Asutay, M. (2019). A model for Islamic development: An approach in Islamic moral economy. Cheltenham. U.K: Edward Elgar Publishing.
Kahf, M. (2003). Islamic Economics: Notes on Definition and Methodology. Review of Islamic Economics, 13, 23-48.
Komilov, A. (2022). EVOLUTION AND MAIN PRINCIPLES OF ISLAMIC FINANCE. European Journal of Interdisciplinary Research and Development, 3, 96-104. Retrieved from http://ejird.journalspark.org/index.php/ejird/article/view/36.
Kamali, M. H. (2002). Islamic Commercial Law: An Analysis of Futures and Options. Cambridge. U.K: The Islamic Texts Society.
Karim, S. A. (2010). The Islamic Moral Economy: A Study of Islamic Money and Financial Instruments. Florida. USA: Brown Walker Press Boca Raton.
Kawachi, I., & Kennedy, B. P. (1997). Socioeconomic Determinants of Health: Health and Social Cohesion: Why Care about Income Inequality? British Medical Journal, 314(7086), 1037.
Kesselman, M., Krieger, J., Allen, C. S., & Hellman, S. (2008). European Politics in Transition. Houghton Mifflin Company, New York. USA.
Khan, S., & Ahmad, M. (2014). The case for Muslim aged care in the west. Journal of Religion, Spirituality & Aging, 26(4), 281-299.
Kaiser, M. S., Dyk, S. V., & Roggenkamp, M. (2008). Party Politics and Social Welfare: Comparing Christian and Social Democracy in Austria, Germany and the Netherlands. Edward Elgar. U.K.
Law and Religion: An Overview. Encyclopedia of Religion. Retrieved January 24. 2022. from Encyclopedia.com: https://www.encyclopedia.com/environment/encyclopedias-almanacs-transcripts-and-maps/law-and-religion-overview.
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2019). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics, 170(4), 797-834. https://doi.org/10.1007/s10551-019-04331-4.
Mohammed, M. O. (2011). Economic Consumption Model Revisited: Infaq Based on Al- Shaybani’s Levels of Al-Kasb, International Journal of Economics, Management & Accounting, Supplementary Issue 19, 115-132.
Mustafa, F. (2017). This Is How Much Money British Muslims Donate to Charity During Ramadan. Retrieved from https://www.huffingtonpost.co.uk/mustafa-field-mbe/muslims-ramadan-charity_b_16815380.html?guccounter=1.
Noor, M. (1988). Principles of Islamic Contract Law. Journal of Law and Religion, 6(1), 115-130.
Nor, F. M., Shahwan, S., Johari, F., Misbah, H., Haron, H., Shafii, Z., ... & Ahmad, A. (2022). Conceptualisation and Validating Benefidonors Model in Waqf. The Journal of Muamalat and Islamic Finance Research, 19(1), 106-119. https://doi.org/10.33102/jmifr.v19i1.418.
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Naqvi, S. N. H. (1994). Islam, Economics, and Society. London. New York. USA: Kegan Paul International.
North, C. G. (2004). Religious Freedom and the Unintended Consequences of State Religion. Southern Economic Journal, 71(1), 103-118.
Obaidullah, M. (1998). Financial engineering with Islamic options. Islamic Economic Studies, 6(1), 73-103.
Pollack, D., & Olson, D. V. A. (2012). The Role of Religion in Modern Societies. Hoboken. USA: Taylor and Francis.
Pervez, I. A. (1990). Islamic banking. Arab Law Quarterly, 5(4), 259-281.
Reinhart, C. M., & Rogoff, K. S. (2011). A decade of debt. Washington. DC. USA: Peterson Institute for International Economics.
Sencal, H., & Asutay, M. (2019). The emergence of new Islamic economic and business moralities. Thunderbird International Business Review, 61(5), 765-775.
Saleh, N. A. (1986). Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Banking. UK: Cambridge University Press.
Saleem, M. Y. (2013). Islamic Commercial Law. Singapore: John Wiley and Sons Ltd. UK.
Sadeq, A. M. (2006). Development Issues in Islam. Kuala Lumpur, Malaysia: International Islamic University Malaysia.
Sairally, S. (2007). Community Development Financial Institutions: Lessons in Social Banking for the Islamic Financial Industry. Kyoto Bulletin of Islamic Area Studies, 1-2.
Seibel, H.D. (2001). Mainstreaming Informal Financial Institutions. Journal of Developmental Entrepreneurship 6(1). 83-95.
Siddiqi, M. N. (1987). Partnership and profit-sharing in Islamic law. Leicester. UK: Islamic Foundation.
Silva, A. F. C. D. (2007). Social Banking: Perspectives and Experiences. India: ICFAI University Press.
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Usmani, M. T. (2002). An Introduction to Islamic Finance. The Hague, New York. USA: Kluwer Law International.
Vogel, F. E., & Hayes, S. L. (1998). Islamic Law and Finance: Religion, Risk, and Return. New York. USA: Kluwer Law International. 90-93.
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Wilson, R. (1997). Economics, Ethics and Religion: Jewish, Christian and Muslim Economic Thought. Basingstoke New York City, USA: Macmillan.
Yunusa, M. L. (1998). The Community Banking System in Nigeria. A Study Conducted for UNDP Regional office for Africa, Dakar-Senegal.
Zailani, M. N., Satar, N. H. M., & Zakaria, R. H. (2022). Maqasid Al-Shariah Based Index of Socio-Economic Development: A Literature Review. The Journal of Muamalat and Islamic Finance Research, 19(1), 47-62. https://doi.org/10.33102/jmifr.v19i1.409.
Adlina, H. A. (2011). A comparative analysis of Ibn Sina and Al-Ghazali: Their philosophical underpinnings and contributions toward Muslim education. Kuala Lumpur: Department of Islamic history and civilization, University of Malaya.
Adebayo, R. I., & Kabir, H. M. (2013). Ethical principles of Islamic financial institutions, Journal of Economic Cooperation and Development, 34(1), 63.
Ahmad, K. (1979). Economic Development in an Islamic Framework. Leicester. U.K.: Islamic Foundation.
Al-Dareer, S. (1997). Al Gharar in Contracts and Its Effect on Contemporary Transactions. Jeddah: Islamic Research and Training Institute, Islamic Development Bank. Saudi Arabia.
Al-Saati, A. R. (2003). The Permissible Gharar (Risk) in Classical Islamic Jurisprudence, Journal of King Abdul Aziz University: Islamic Economics, 16(2), 3. Saudi Arabia.
Al-Sheha, A. R., & Ud-Deen, E. A. S. D., & Jerome, B. A. A., & Murad, A. (2001). Human rights in Islam and common misconceptions. Riyadh. Saudi Arabia.
Al-Suwailem, S. (2012). Towards an objective measure of gharar in exchange. Islamic Economic Studies, 7, 61-102.
Al-Zuhayly, W., & Eissa, M. S. (2003). Financial transactions in Islamic jurisprudence. Damascus: Dar Al-Fikr.
Asutay, M. (2007a). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System. Kyoto Journal of Islamic Area Studies, 1(2), 3-18.
Asutay, M. (2007b). Conceptualisation of the Second-Best Solution in Overcoming the Social Failure of Islamic Finance: Examining the Overpowering of Homoislamicus by Homoeconomicus. IIUM Journal of Economics and Management, 15(2), 167-195.
Asutay, M. (2010). New developments in Islamic banking and finance: Bridging ideas and realities. Cheltenham U.K.: Elgar.
Alamad, S. (2017). Financial Innovation and Engineering in Islamic Finance. Springer. UK.
Ahmed, H. (2006). Islamic Law, Adaptability and Financial Development. Islamic Economic Studies, 13(2), 79-101.
Ayub, M. (2007). Understanding Islamic Finance. Hoboken, NJ. USA: John Wiley & Sons.
Azid, T., & Asutay, M. (2007). Does ethico-moral coalition complement to economic coalition? A response in the periphery of Islamic economics. Humanomics, 23(3), 153-173.
Akhsan, A. M., & Ryandono, M. N. (2022). The Role of Zakat Institutions in Supporting the Economy during the Covid-19 Pandemic. AFEBI Islamic Finance and Economic Review, 6(2), 94 -105.
Bahlous, M., & Yusof, R.M. (2014). International diversification among Islamic investments: is there any benefit. Managerial Finance, 40(6), 613-633.
Barro, R., & R. McCleary. (2003). Religion and Economic Growth Across Countries. American Sociological Review, 68(5), 760-781.
Benedikter, R. (2011). Social Banking and Social Finance: Answers to the Economic Crisis. New York. USA: Springer.
Chapra, M. U. (2000). What is Islamic Economics? Jeddah, Saudi Arabia: Islamic Development Bank, Islamic Research and Training Institute.
Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid Al-Shari’ah. London. U.K: International Institute of Islamic Thought.
Choudhury, M. A. (2016). The Principles of Islamic Political Economy: A Methodological Enquiry. London. U.K: Palgrave Macmillan Limited.
Cizakca, M. (2007). Cross-cultural borrowing and comparative evolution of institutions between Islamic world and the West. Relazioni Economiche Tra Europa E Mondo Islamico, Secc. 13-18.
Clark, E. A., & Scharffs, B. G. (2016). Religion and Law in the USA. Kluwer Law International. Netherlands.
Çizakça, M. (2000). A history of philanthropic foundations: The Islamic world from the seventh century to the present (pp. 2-10). Istanbul: Boğaziçi University Press.
Denning, A. T., & Kilgour, D. (1989). The influence of religion on law. Edmonton. Albertta. Canada: Canadian Institute for Law, Theology, and Public Policy, Inc.
Dau-Schmidt, N. C. (2012). Forward contracts-prohibitions on risk and speculation under Islamic law. Indiana Journal of Global Legal Studies, 19(2), 533-554.
Dawabah, A. M. (2007). Studies in Islamic Finance. Cairo. Egipt: Darussalam.
Obaidullah, M. (2002). Islamic Risk Management: Towards Greater Ethics and Efficiency. International Journal of Islamic Financial Services, 3(4), 291-311.
El-Gamal, M. A. (2006). Islamic Finance: Law, Economics, and Practice. New York. USA: Cambridge University Press.
El-Ghazali, A. H. (1994). Profit versus bank interest in economic analysis and Islamic law. Jeddah, Saudi Arabia: Islamic Research and Training Institute. (IDB).
Glaeser, E., Ponzetto, G. A. M., & Shapiro, J. M. (2005). Strategic Extremism: Why Republicans and Democrats Divide on Religious Values. The Quarterly Journal of Economics, 120(4), 1283-1330.
Glahe, F., & Vorhies, F. (1989). Religion, Liberty and Economic Development: An Empirical Investigation. Public Choice, 62(3), 201-215.
Guiso, L., Sapienza, P., & Zingales, L. (2003). People's Opium? Religion and Economic Attitudes. Journal of Monetary Economics, 50(1), 225-282.
Gottfried, P. (2007). The rise and fall of Christian democracy in Europe. Orbis, 51(4), 711-723.
Haq, I. U. (1996). Economic Doctrines of Islam: A Study in the Doctrines of Islam and Their Implications for Poverty, Employment, and Economic Growth. Herndon. USA: International Institute of Islamic Thought.
Hourani, H. (2004). The three principles of Islamic finance explained. Int'l Fin. L. Rev., 23, 46-47.
Haron, H., Ramli, N. M., Jamil, N. N., & Rahman, A. R. A. (2022). Values in an Islamic University in Malaysia: Analysis from Western and Islamic Perspectives. The Journal of Muamalat and Islamic Finance Research, 19(1), 86-105. https://doi.org/10.33102/jmifr.v19i1.415.
Iannaccone, L. (1998). Introduction to the Economics of Religion. Journal of Economic Literature, 36(3), 1465-1495.
Iqbal, M., & Llewellyn, D. (2002). Islamic Banking and Finance: New Perspectives on Profit Sharing and Risk. Cheltenham. U.K: Edward Elgar.
Iqbal, M., & Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance, and Prospects. New York. USA: Palgrave Macmillan.
Iyer, S. (2008). Religion and Economic Development. Policy Review, 148. 45-57.
Iqbal, Z. (1999). Financial Engineering in Islamic Finance. Thunderbird International Business Review. 41(4/5). 541-560.
Jan, S., & Asutay, M. (2019). A model for Islamic development: An approach in Islamic moral economy. Cheltenham. U.K: Edward Elgar Publishing.
Kahf, M. (2003). Islamic Economics: Notes on Definition and Methodology. Review of Islamic Economics, 13, 23-48.
Komilov, A. (2022). EVOLUTION AND MAIN PRINCIPLES OF ISLAMIC FINANCE. European Journal of Interdisciplinary Research and Development, 3, 96-104. Retrieved from http://ejird.journalspark.org/index.php/ejird/article/view/36.
Kamali, M. H. (2002). Islamic Commercial Law: An Analysis of Futures and Options. Cambridge. U.K: The Islamic Texts Society.
Karim, S. A. (2010). The Islamic Moral Economy: A Study of Islamic Money and Financial Instruments. Florida. USA: Brown Walker Press Boca Raton.
Kawachi, I., & Kennedy, B. P. (1997). Socioeconomic Determinants of Health: Health and Social Cohesion: Why Care about Income Inequality? British Medical Journal, 314(7086), 1037.
Kesselman, M., Krieger, J., Allen, C. S., & Hellman, S. (2008). European Politics in Transition. Houghton Mifflin Company, New York. USA.
Khan, S., & Ahmad, M. (2014). The case for Muslim aged care in the west. Journal of Religion, Spirituality & Aging, 26(4), 281-299.
Kaiser, M. S., Dyk, S. V., & Roggenkamp, M. (2008). Party Politics and Social Welfare: Comparing Christian and Social Democracy in Austria, Germany and the Netherlands. Edward Elgar. U.K.
Law and Religion: An Overview. Encyclopedia of Religion. Retrieved January 24. 2022. from Encyclopedia.com: https://www.encyclopedia.com/environment/encyclopedias-almanacs-transcripts-and-maps/law-and-religion-overview.
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2019). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics, 170(4), 797-834. https://doi.org/10.1007/s10551-019-04331-4.
Mohammed, M. O. (2011). Economic Consumption Model Revisited: Infaq Based on Al- Shaybani’s Levels of Al-Kasb, International Journal of Economics, Management & Accounting, Supplementary Issue 19, 115-132.
Mustafa, F. (2017). This Is How Much Money British Muslims Donate to Charity During Ramadan. Retrieved from https://www.huffingtonpost.co.uk/mustafa-field-mbe/muslims-ramadan-charity_b_16815380.html?guccounter=1.
Noor, M. (1988). Principles of Islamic Contract Law. Journal of Law and Religion, 6(1), 115-130.
Nor, F. M., Shahwan, S., Johari, F., Misbah, H., Haron, H., Shafii, Z., ... & Ahmad, A. (2022). Conceptualisation and Validating Benefidonors Model in Waqf. The Journal of Muamalat and Islamic Finance Research, 19(1), 106-119. https://doi.org/10.33102/jmifr.v19i1.418.
Naqvi, S. N. H. (1981). Ethics and Economics: an Islamic Synthesis. Leicester. UK: Islamic Foundation.
Naqvi, S. N. H. (1994). Islam, Economics, and Society. London. New York. USA: Kegan Paul International.
North, C. G. (2004). Religious Freedom and the Unintended Consequences of State Religion. Southern Economic Journal, 71(1), 103-118.
Obaidullah, M. (1998). Financial engineering with Islamic options. Islamic Economic Studies, 6(1), 73-103.
Pollack, D., & Olson, D. V. A. (2012). The Role of Religion in Modern Societies. Hoboken. USA: Taylor and Francis.
Pervez, I. A. (1990). Islamic banking. Arab Law Quarterly, 5(4), 259-281.
Reinhart, C. M., & Rogoff, K. S. (2011). A decade of debt. Washington. DC. USA: Peterson Institute for International Economics.
Sencal, H., & Asutay, M. (2019). The emergence of new Islamic economic and business moralities. Thunderbird International Business Review, 61(5), 765-775.
Saleh, N. A. (1986). Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Banking. UK: Cambridge University Press.
Saleem, M. Y. (2013). Islamic Commercial Law. Singapore: John Wiley and Sons Ltd. UK.
Sadeq, A. M. (2006). Development Issues in Islam. Kuala Lumpur, Malaysia: International Islamic University Malaysia.
Sairally, S. (2007). Community Development Financial Institutions: Lessons in Social Banking for the Islamic Financial Industry. Kyoto Bulletin of Islamic Area Studies, 1-2.
Seibel, H.D. (2001). Mainstreaming Informal Financial Institutions. Journal of Developmental Entrepreneurship 6(1). 83-95.
Siddiqi, M. N. (1987). Partnership and profit-sharing in Islamic law. Leicester. UK: Islamic Foundation.
Silva, A. F. C. D. (2007). Social Banking: Perspectives and Experiences. India: ICFAI University Press.
The World Bank. (2015). Islamic Finance. World Bank. Washington, DC 20433 USA. Retrieved from https://www.worldbank.org/en/topic/financialsector/brief/islamic-finance.
Usmani, M. T. (2002). An Introduction to Islamic Finance. The Hague, New York. USA: Kluwer Law International.
Vogel, F. E., & Hayes, S. L. (1998). Islamic Law and Finance: Religion, Risk, and Return. New York. USA: Kluwer Law International. 90-93.
Walker, V. (2009). The 2009 Grossman Senior Research Prize: Investing the Islamic Way. Retrieved from http://www.scribd.com/doc/27437500/Finance-Investing-the-Islamic-Way-Verdell-Walker> Access Date: 11th May 2018.
Wiliarty, S.E. (2010). The CDU and the Politics of Gender in Germany: Bringing Women to the Party. UK: Cambridge University Press.
Warde, I. (2000). Islamic Finance in the Global Economy. Edinburgh. U.K.: Edinburgh University Press.
Weber, M. (1904). The Protestant Ethic and the Spirit of Capitalism. 1st ed. 2001. USA: Routledge.
Wilson, R. (1997). Economics, Ethics and Religion: Jewish, Christian and Muslim Economic Thought. Basingstoke New York City, USA: Macmillan.
Yunusa, M. L. (1998). The Community Banking System in Nigeria. A Study Conducted for UNDP Regional office for Africa, Dakar-Senegal.
Zailani, M. N., Satar, N. H. M., & Zakaria, R. H. (2022). Maqasid Al-Shariah Based Index of Socio-Economic Development: A Literature Review. The Journal of Muamalat and Islamic Finance Research, 19(1), 47-62. https://doi.org/10.33102/jmifr.v19i1.409.
Published
2022-07-05
How to Cite
Rahmani, A., Avdukic, A., & Manjoo, F. A. (2022). THE INFAQ THEORY OF ISLAMIC PENSION. International Journal of Islamic Banking and Finance Research, 9(1), 32-44. https://doi.org/10.46281/ijibfr.v9i1.1769
Section
Original Articles/Short Communications
Copyright (c) 2022 Ataollah Rahmani, Alija Avdukic, Faizal A. Manjoo
This work is licensed under a Creative Commons Attribution 4.0 International License.
