Kuala Lumpur: Rushdi Siddiqui, an expert in Islamic Finance says the #data does not fabricate fake stories. In a Linkedin post, he asks whether Islamic Social Finance that is Zakat and Waqf would address the question Islamic Finance has failed to address. That is the financial inclusion of the bottom 40 per cent in the Muslim world.
That is assuming there is a B40, not a B60 like we hear of in Malaysia these days. Nevertheless, he says despite all the fanfare, no Muslim country can show how Islamic Finance has helped to reduce income inequality.
“No significant data suggests that any Muslim country was able to reduce income inequality by utilizing excess liquidity in Islamic financial assets,” he writes, adding that, “Islamic economists as well as practitioners, so far, have failed to suggest and implement ways to reduce income inequality among the masses in Muslim countries.”
