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What is Social-Welfare Contracts

Chapter 12
Economics, Business, and Islamic Finance in ASEAN Economics Community
Contracts between individuals and the society to promote the well-being and welfare of the less privileged. Although facilitation of such contracts is beyond the scope of intermediation, an intermediary can certainly offer community services by institutionalizing social-welfare contracts.
Published in Chapter:
The Loan Shark in ASEAN: Can Nanofinance With Qardhul Hassan Deal With It? Lesson Learned From Bank Wakaf Mikro in Indonesia
Khairunnisa Musari (IAIN Jember, Indonesia)
Copyright: © 2020 |Pages: 26
DOI: 10.4018/978-1-7998-2257-8.ch012
Abstract
Loan shark is a humanitarian problem faced by many countries in the world, including in Asia, even in the Association of Southeast Asian Nations (ASEAN)'s countries. Loan shark activities are found not only in Myanmar and Cambodia, which has the lowest per capita income in ASEAN but also in Indonesia, Thailand, Malaysia, Brunei, and even Singapore, which are the five countries with the highest gross domestic product (GDP) per capita in ASEAN. How are loan shark practices in ASEAN countries? Can nanofinance overcome the microfinance gap to fight the loan shark? How the practice of Bank Wakaf Mikro (BWM) in Indonesia to nanofinance with qardhul hassan contract? Find the answers in this chapter.
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