Impact of ethical social financing on the development of socio-economic status of a developing country like Indonesia Online publication date: Thu, 03-Oct-2024
by Akhmad Affandi Mahfudz; Toseef Azid; Rusyda Afifah Ahmad
International Journal of Education Economics and Development (IJEED), Vol. 15, No. 4, 2024
Abstract: COVID-19 outbreak has many negative impacts on the economy, especially for rural communities. The objective rules explains that if each region has adopted social institutions by establishing social institutions in the form of baitul maal (treasury), mosques (worship place for Muslims), waqf (trust endowment) institutions and so on, then the area can improve the economy of its people. So, in this research to analyse the influence of philanthropic institution program on ethical social funds disbursement as part of developing rural society through its financing as intervening variable. This paper employs SEM using structured questionnaire circulated to 165 baitul maal in East Java Indonesia. This study unveiled the fact that model of ethical social funds disbursement from baitul maal has significantly influenced the development of marginalised areas through philanthropy using qardh hasan (benevolent loan).
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