Enhancing Bangsamoro Welfare through Islamic Social Finance: Significant Opportunities and Challenges

الملخص

This study examines how Islamic social finance can improve the welfare and socio-economic development of the Bangsamoro people in BARMM. It focuses on zakat, waqf, sadaqah, infaq, qard hasan, and Islamic microfinance and their role in reducing poverty, supporting livelihoods, improving financial inclusion, and protecting vulnerable communities. The study is guided by the principles of Maqasid al-Shariah, particularly the protection of religion, life, intellect, family, and wealth. Using a qualitative research design, data were gathered through semi-structured interviews with approximately 30 selected stakeholders, supported by relevant laws, policies, reports, and studies. The findings show that Islamic social finance has strong potential to support poverty reduction, livelihood development, social protection, and community empowerment. However, challenges such as limited institutional capacity, low public awareness, weak coordination, inadequate data, and concerns about transparency remain. The study concludes that stronger institutions, good governance, public awareness, digital systems, and stakeholder cooperation are needed to effectively integrate Islamic social finance into BARMM development programs. Guided by Maqasid al-Shariah, Islamic social finance can contribute to more inclusive, equitable, and sustainable development in BARMM.