Journals / Muhasebe ve Finans Tarihi Araştırmaları Dergisi / 2026 / Sayı: 31

Assessing the Significance: A Comprehensive Framework for Measuring Social Impact in Islamic Social Finance

Önemi Değerlendirmek: İslami Sosyal Finansta Sosyal Etkiyi Ölçmek İçin Kapsamlı Bir Çerçeve

Md Amirul Islam(KARABÜK ÜNİVERSİTESİ, MÜHENDİSLİK FAKÜLTESİ, ENDÜSTRİ MÜHENDİSLİĞİ BÖLÜMÜ)0000-0002-2229-7613
Pages
41–62
Publication Date
2026-07-20
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The report recommends developing frameworks or mechanisms for Islamic financial institutions to track the social impact of their services, products, and operations in order to fully achieve the potential of Islamic banking.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the expanding field of Islamic social finance and social impact in an effort to emphasize the significance of social effect assessments in Islamic finance.
📊
Key Findings & Data:This paper also intends to investigate the key themes in scientific investigation on Islamic finance's social implications in order to define its location, purpose, and functions, particularly in light of rising societal challenges.
💡
Conclusion & Impact:The report recommends developing frameworks or mechanisms for Islamic financial institutions to track the social impact of their services, products, and operations in order to fully achieve the potential of Islamic banking.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:İslami Sosyal Finans · Sosyal Etki Ölçümü · Sürdürülebilir Kalkınma Hedefleri

Abstract

This study examines the expanding field of Islamic social finance and social impact in an effort to emphasize the significance of social effect assessments in Islamic finance. This paper also intends to investigate the key themes in scientific investigation on Islamic finance's social implications in order to define its location, purpose, and functions, particularly in light of rising societal challenges. To do this, this research examines the literature on social Islamic finance and is concerned with the social aspect of Islamic financing. Based on a thorough analysis of the literature, the article concludes that considering how quickly the Islamic finance sector is growing, not much is known about how Islamic finance institutions quantify and evaluate their social impact. The advancement of Islamic social finance and the incorporation of Islamic financial instruments into the mainstream social finance spectrum warrant greater focus and attention from the academic community. In light of this, the study contends that the definition of Islamic social finance ought to go beyond zakat, waqf, and Islamic microfinance. The report recommends developing frameworks or mechanisms for Islamic financial institutions to track the social impact of their services, products, and operations in order to fully achieve the potential of Islamic banking.

Özet

Bu çalışma, İslami finansta sosyal etki değerlendirmelerinin önemini vurgulamak amacıyla, İslami sosyal finans ve sosyal etki alanlarının genişlemesini incelemektedir. Bu makale ayrıca, özellikle artan toplumsal zorluklar ışığında, İslami finansın yerini, amacını ve işlevlerini tanımlamak amacıyla, İslami finansın sosyal etkileri üzerine yapılan bilimsel araştırmaların temel temalarını incelemeyi amaçlamaktadır. Bu amaçla, bu araştırma sosyal İslami finans literatürünü incelemekte ve İslami finansmanın sosyal yönüyle ilgilenmektedir. Literatürün kapsamlı bir analizine dayanan makale, İslami finans sektörünün ne kadar hızlı büyüdüğü göz önüne alındığında, İslami finans kurumlarının sosyal etkilerini nasıl ölçtükleri ve değerlendirdikleri konusunda pek bir şey bilinmediği sonucuna varmaktadır. İslami sosyal finansın ilerlemesi ve İslami finansal araçların ana akım sosyal finans yelpazesine dahil edilmesi, akademik camianın daha fazla odaklanmasını ve dikkatini gerektirmektedir. Bu bağlamda, çalışma, İslami sosyal finans tanımının zekât, vakıf ve İslami mikro finansın ötesine geçmesi gerektiğini ileri sürmektedir. Rapor, İslami finans kuruluşlarının İslami bankacılığın potansiyelini tam olarak gerçekleştirebilmeleri için hizmet, ürün ve faaliyetlerinin sosyal etkisini takip edebilecekleri çerçeveler veya mekanizmalar geliştirilmesini önermektedir.

🔖

Cite This Article

Islam, M. A. (2026). Assessing the Significance: A Comprehensive Framework for Measuring Social Impact in Islamic Social Finance. Muhasebe ve Finans Tarihi Araştırmaları Dergisi, Sayı: 31, 41–62. https://ajindex.com/articles/1530300

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (69)

  1. Abasimel, N. A. (2023). Islamic banking and economics: concepts and instruments, features, advantages, differences from conventional banks, and contributions to economic growth. Journal of the Knowledge Economy, 14(2), 1923-1950.
  2. Akhter, A., Javed, M. Y., & Akhter, J. (2025). Research trends in the field of Islamic social finance: a bibliometric analysis from 1914 to 2022. International Journal of Ethics and Systems, 41(2), 455-483.
  3. Harahap, B., Risfandy, T., & Futri, I. N. (2023). Islamic law, Islamic finance, and sustainable development goals: A systematic literature review. Sustainability, 15(8), 6626.
  4. Abras, A., & Jayasinghe, K. (2023). Competing institutional logics and power dynamics in Islamic financial reporting standardisation projects. Accounting, Auditing & Accountability Journal, 36(1), 238-266.
  5. Ahmad, S., Qamar, A. J., Bhatti, M. A. A., & Bashir, U. (2023). Integrating Islamic Ethics with Modern Governance: A Comprehensive Framework for Accountability Across Religious, Social, and Economic Dimensions. Al-Irfan, 8(15), 51-79.
  6. Kamaruzaman, N. R., & Ishak, M. S. I. (2023). Waqf Institutions: A Systematic Literature Review On Governance, Financial Models, And Socio-Economic Impact In Islamic Social Finance. Advanced International Journal of Business, Entrepreneurship and SMEs, 5(18), 134-151.
  7. Morshed, A. (2024). Comparative analysis of accounting standards in the Islamic banking industry: a focus on financial leasing. Journal of Islamic Accounting and Business Research.
  8. Abdulhamid, K. L. (2025). Development of Islamic Finance in Muslim-Minority Countries: Challenges and Pathways (Master's thesis, Hamad Bin Khalifa University (Qatar)).
  9. Nashit, R., & Tasnim, N. (2024). Analysis of Sharia Compliance in the Presentation of Islamic Bank Financial Reports. Seriat Ekonomisi, 1(4), 140-148.
  10. Mohamed, A. A., & Abdulrohim, E. (2025). Zakat as a Legal Obligation in Sharia within the Context of Contemporary Taxation Systems. Demak Universal Journal of Islam and Sharia, 3(02), 229-244.
  11. Zain, N. S., Hassan, R., & Marwan, S. (2023). Social Impact Measurement as A Tool Of Governance and Accountability for Waqf Organisations. International Journal of Islamic Economics and Finance Research, (1), 132-148.
  12. Kamal, I. (2025). A revisit to the prohibition of interest-bearing loans, impact of the verses’ clarity and religious authorities’ interventions: a comparison between the three Abrahamic religions. International Journal of Ethics and Systems.
  13. Aziz, J. A., & Suryanto, T. (2024). Is An Islamic Economic System Possible Without the Prohibition of Interest (Riba): A Critical Appraisal of A Shari'ah Compliant Economic System as Envisioned by Sjafruddin Prawiranegara (1911-1989) in Indonesia. Manchester Journal of Transnational Islamic Law & Practice, 20(4).
  14. Abbas, S. (2022). The Role of Financial Intermediary and the Contribution of Islamic Banking in Financing Micro, Small and Medium Enterprises in North Maluku. Jurnal Manajemen Bisnis, 9(2), 453-474.
  15. Abdullah, M. (2023). Islamic Finance, Ownership Risk and Right to Yield Gaps in Theory and Practice. Turkish Journal of Islamic Economics, 10(1).
  16. Abras, A., & Al Mahameed, M. (2023, July). The rise and fall of institutional entrepreneurship in Islamic financial reporting standardisation projects. In Accounting Forum (Vol. 47, No. 3, pp. 470-495). Routledge.
  17. Akbar, S. (2025). The Role of The Islamic Development Bank (IsDB) in Socio-Economic Development in Organization of Islamic Cooperation (OIC) Countries. Jisiera: The Journal of Islamic Studies and International Relations, 8(1), 83-113.
  18. Akhlaq, M., & Asif, M. (2024). The importance of sharia compliance in Islamic finance. Tanazur, 5(1), 195-212.
  19. Al Kubaisi, A. A. S. H. (2024). The impact of the Islamic financial wills system on achieving sustainable social development. Sustainability, 16(15), 6661.
  20. Al Rahahleh, N., Ishaq Bhatti, M., & Najuna Misman, F. (2019). Developments in risk management in Islamic finance: A review. Journal of Risk and Financial Management, 12(1), 37.
  21. Askari, H. (2023). Islamic capital markets and products. In Research Handbook on Global Capital Markets Law (pp. 269-284). Edward Elgar Publishing.
  22. Aysan, A. F., & Unal, I. M. (2023). Challenges in Islamic Fintech and Digitalization: An Extensive Literature Review. World Scientific Annual Review of Islamic Finance, 1, 41-52.
  23. Aysan, A. F., Belatik, A., Unal, I. M., & Ettaai, R. (2022). Fintech strategies of Islamic Banks: A global empirical analysis. FinTech, 1(2), 206-215.
  24. Aysan, A. F., Demirtaş, H. B., & Saraç, M. (2021). The ascent of bitcoin: Bibliometric analysis of bitcoin research. Journal of Risk and Financial Management, 14(9), 427.
  25. Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (2018). Religiosity versus rationality: Depositor behavior in Islamic and conventional banks. Journal of Comparative Economics, 46(1), 1-19.
  26. Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). Is small the new big? Islamic banking for SMEs in Turkey. Economic Modelling, 54, 187-194.
  27. Badshah, W. (2020). Islamic corporate governance and sustainable financial performance: A phenomological study (Doctoral dissertation, Istanbul Sabahattin Zaim University (Turkey)).
  28. Bagheri, N. (2021). Deterministic goal programming approach for Islamic portfolio selection. Operational Research, 21, 1447-1459.
  29. Bahadji, K., & Saous, C. (2023). Evaluating the Financial Efficiency in the Banking Sector by Adopting Multistage Data Envelopment Analysis (Doctoral dissertation, Ahmed DRAIA University-Adrar).
  30. Bashir, M. A., Ali, M. H., Akther, N., Lam, M. W., Mohd Paiz, N. A., & Islam, A. (2020). Developing an integrative customer satisfaction model: an application of customer experience in Malaysian E-banking services. International Journal of Advanced Science and Technology, 29(4), 868-881.
  31. Bugan, M. F., Cevik, E. I., & Dibooglu, S. (2022). Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens. Borsa Istanbul Review, 22(1), 77-91.
  32. Concept Paper for BNM (2016). http://www.bnm.gov.my/guidelines/05 shariah/CP Qard Final.pdf retrieved from http://www.bnm.gov.my/guidelines/05 shariah/CP Qard Final.pdf.
  33. Fahad, S., & Bulut, M. (2024). A Paradigm Shift in Islamic Finance Industry: Value Based Intermediation, Human Development, Ecological Footprint, and Social Impact Financing.
  34. Farooq, U., & Zafar, M. B. (2025). The Adaptation of the AAOIFI Shariah Standard Sharikah (Musharaka) and Modern Corporations in the Islamic Finance Industry of Pakistan: A Qualitative Study. The Journal of Muamalat and Islamic Finance Research, 167-181.
  35. Gerardi, K., Lambie-Hanson, L., & Willen, P. (2022). Lessons learned from mortgage borrower policies and outcomes during the COVID-19 pandemic. Federal Reserve Bank of Boston Current Policy Perspectives.
  36. Hanieh, A. (2020). New geographies of financial power: global Islamic finance and the Gulf. Third World Quarterly, 41(3), 525-546.
  37. Hasan, A. N., Abdul-Rahman, A., & Yazid, Z. (2020). Shariah governance practices at Islamic fund management companies. Journal of Islamic Accounting and Business Research, 11(2), 309-325.
  38. Hasan, R., Ahmad, A. U. F., & Parveen, T. (2019). Sukuk risks–a structured review of theoretical research. Journal of Islamic Accounting and Business Research, 10(1), 35-49.
  39. Hassan, K., & Lewis, M. (2007). Handbook of Islamic banking. London, Edward Elgar Publishing. IDB is an acronym for International Data Bank (2016). https://sustainabledevelopment.un.org/content/documents/10289.pdf was retrieved from the UN website.
  40. Islam, M. A., Salah Uddin, M., Thambiah, S., Musa, E., & Rauf, M. A. (2023). Do Women's Attitudes Matter in Acceptance of Islamic Microfinance? Evidence from Malaysia. East Asian Economic Review, 27(1), 61-85.
  41. Islam, M. A., Thambiah, S., & Ahmed, E. M. (2021). The Relationship Between Islamic Microfinance and Women Entrepreneurship: A Case Study in Malaysia. The Journal of Asian Finance, Economics and Business, 8(5), 817-828.
  42. J. Mahmud (2015). Tan Sri Jemilah Mahmood - Islamic sMaRS Centre for Impact Investing, https://issuu.com/wief/docs/tan sri jemilah mahmood - islamic sMaRS.
  43. Jeeva, S. (2020). Exploratory study to develop an Islamic compliant investment and banking framework within a South African context (Doctoral dissertation).
  44. Khalil, A., & Boulila Taktak, N. (2020). The impact of the Shariah Board’s characteristics on the financial soundness of Islamic banks. Journal of Islamic Accounting and Business Research, 11(10), 1807-1825.
  45. Kumari, J. P. (2021). The role of products of Microfinance for reducing the Poverty of the Borrowers: Exploratory Factor Analysis. International Journal of Management Excellence (ISSN: 2292-1648), 15(3), 2244-2251.
  46. Kuyateh, M. A. (2023). Challenges And Risks In Ghana's Microfinance Sector: Is The Islamic Alternative Any Better?. Al-Arfa: Journal of Sharia, Islamic Economics and Law, 1(2), 67-73.
  47. Lahsasna, A., Hassan, K. M., & Ahmad, R. (2018). Forward lease Sukuk in Islamic capital markets. Structure and Governing Rules.
  48. Leichtman, M. A. (2025). Soft Power Narratives of Fifty Years of Kuwaiti-Senegalese Relations. Middle East Critique, 34(2), 239-261.
  49. Mahamud, A. O. (2019). Sukuk As A Tool Towards Development: How Kenya Can Use Sukuk As Alternative Source Of Funding Development Projects (Doctoral dissertation, University of Nairobi).
  50. MIFC is a non-profit organization dedicated to (2014 and 2016). Dato Dr Abdul Halim Ismail's Public Lecture on My Wishful Thoughts on the Development of Islamic Banking and Finance Products for the Social Welfare Sector (The Royal Award for Islamic Finance).
  51. Mohamed, E. F., & Fauziyyah, N. E. (2020). Islamic microfinance for poverty alleviation: a systematic literature review. International Journal of Economics, Management and Accounting, 28(1), 141-163.
  52. Mohammed Sarea, A., & Mohd Hanefah, M. (2013). The need of accounting standards for Islamic financial institutions: evidence from AAOIFI. Journal of Islamic Accounting and Business Research, 4(1), 64-76.
  53. Mohseni-Cheraghlou, A. (2017). Financial inclusion and poverty alleviation in muslim-majority countries: the role of Islamic finance and Qard Hassan. Financial Inclusion and Poverty Alleviation: Perspectives from Islamic Institutions and Instruments, 141-197.
  54. Muhammad, H. (2020). Islamic corporate social responsibility: An exploratory study in Islamic microfinance institutions. The Journal of Asian Finance, Economics and Business (JAFEB), 7(12), 773-782.
  55. Muneer, F., & Khan, F. (2019). Qard-Al-Hassan as a tool for poverty alleviation: a case study of the Fael Khair Waqf program in Bangladesh. Journal of Islamic Monetary Economics and Finance, 5(4), 829-848.
  56. Mustafa, O. A. O. (2021). History of Banking in Sudan (Conventional and Islamic): A Critical Review (1903-2019). International Finance and Banking, 8(1), 29-51.
  57. Naz, A., Ali, M., & Barut, A. K. (2025). Sukuk and Corporate Governance: Ethical Foundations, Economic Impact, and Global Relevance in Islamic Finance. In Islamic Finance and Corporate Governance: Synergies for Sustainable Growth (pp. 147-173). Emerald Publishing Limited.
  58. Nugraheni, P., & Muhammad, R. (2024). The optimisation of Qardhul Hasan management in Islamic banking: enhancing its role in empowering the community. Journal of Enterprising Communities: People and Places in the Global Economy, 18(3), 469-486.
  59. Obaidullah, M., & Khan, T. (2008). Islamic microfinance development: Challenges and initiatives. Islamic Research & Training institute Policy Dialogue Paper, (2).
  60. Orhan, Z. H., & Kavakcı, S. (2024). Is Mit Ghamr A Role Model Or A Utopia?: New Findings. International Journal of Islamic Economics and Finance Studies, 10(2), 127-147.
  61. Saba, I., Ariff, M., & Mohd Rasid, E. S. (2021). Performance of Shari’ah-compliant and non-Shari’ah-compliant listed firms: a case study of Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 14(1), 128-150.
  62. Sadeq, A. M. (1997). Poverty alleviation: an Islamic perspective. Humanomics, 13(3), 110-134.
  63. Safdar, M. (2025). The Role of AAOIFI in Standardizing Sharīʿah Governance Practices Globally.
  64. Saifuzzaman, M. (2023). A Review of Challenges and Solutions in the Use of Murabaha Products in Islamic Banking. International Journal of Research and Innovation in Social Science, 7(7), 906-918.
  65. Saleh, T. A., Sarwar, A., Islam, M. A., Mohiuddin, M., & Su, Z. (2022). Effects of leader conscientiousness and ethical leadership on employee turnover intention: the mediating role of individual ethical climate and emotional exhaustion. International Journal of Environmental Research and Public Health, 19(15), 8959.
  66. Sarwar, A., Islam, M. A., Mohiuddin, M., Tareq, M. A., & Siddika, A. (2022). Social Connections and Self-Perceived Depression: An Enhanced Model for Studying Teenagers’ Mental Wellbeing. International journal of environmental research and public health, 19(23), 15791.
  67. Shahariman, A. A. B., Asari, N. A. M. B., Sulaiman, N. A. A. B., & Marzuki, N. A. A. B. (2024). Islamic Principles And Their Application In Personal Financial Decision Making. Accessed: Dec, 15.
  68. Syafril, S. (2025). The Nexus Between Sharia Principles and Banking: Why Islamic Values Matter in Islamic Banking?. Bukhori: Kajian Ekonomi dan Keuangan Islam, 4(2), 95-107.
  69. Yunus, S. M., & Rizal, F. (2025). Value-Based Intermediation in Islamic Finance in Malaysia: An Overview on Strategy, Issues and Challenges. Etihad: Journal of Islamic Banking and Finance, 5(2), 102-117.