The Impact of the Third Sector through Infaq on Home Economic Development
##plugins.themes.academic_pro.article.sidebar##
##plugins.themes.academic_pro.article.main##
Abstract
Apart from the Government and private sectors, there is another important sector in economic development, namely the third sector. The third sector refers to a group or organization that falls somewhere in between. They are associations, non-profit organizations, or foundations established in the name of volunteerism and community. The prevalence of this third sector is driven by an issue or goal to be achieved, and it is founded on the collective spirit between members or the local community. The Malaysian Islamic Economic Development Foundation (YAPEIM) is one of the foundations established by the Prime Minister of Malaysia to empower the people's economy and provide the best and efficient services. Infaq is a key component of the foundation, and the public funds received by the foundation have developed a long-term and short-term economy for all Malaysians, irrespective of race and religion. Since its inception in 1984, 10 million Malaysians have benefited from the foundation. The infaq funds received have been used for domestic economic development, ranging from micro businesses to small and medium businesses. YAPEIM would like to share its 40 years of experience to prove that infaq is one of the solutions that can be used in domestic economic development. The data in this article is based on qualitative data and a literature review. The scope of the study only focuses on the findings in the records at the Foundation. This article identifies problems in infaq issues and how to overcome them. In conclusion, the infaq model that has been implemented by the Foundation, if worked on and managed properly, can help the government and the private sector in the economic development of a country, and it has been successfully demonstrated since the early days of Islam.
##plugins.themes.academic_pro.article.details##
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
- Abderrazak Belabes (2024), The Limits of The Rhetoric of Islamic Social Finance Through the Triptych Waqf, umran, Maash, AZKA International Journal of Zakat & Social Finance, 5(2),
- Agus Mahardiyanto, Bayu Sutikno, (2022), Online Marketing Strategies of Sedekah Rombongan, AZKA International Journal of Zakat & Social Finance, 3(2).
- Ajami Damahouri Khalifah, (1983), al-Lubab fi Birri wa al-Silati wa al-Adab, al-Azhar University, Cairo.
- Asmak Ab Rahman, (2009), Peranan Wakaf Dalam Pembangunan Ekonomi Umat Islam dan Aplikasinya Di Malaysia, Jurnal Syariah, Jil. 17, Bil. 1.
- Che Adenan Mohammad, Ahmad Sharifuddin Mustapha, Faisal Husen Ismail, Arwansyah Kirin, Muhammad Masruri, (2022), Pengurusan Kewangan Islam: Ke Arah Kesejahteraan Kewangan Institusi Keluarga di Malaysia Semasa Pandemik Covid-19, Jurnal Islam dan Masyarakat Kontemporari UNISZA 23(1).
- Eni Devi Anjelina, Rania Salsabila, Dwi Ayu Fitriyanti, (2020), Peranan Zakat, Infak dan Sedekah dalam Meningkatkan Kesejahteraan Ekonomi Masyarakat, Jurnal Ekonomi, Keuangan dan Perbankan Syariah, Vol 4 (2).
- Helmut, A (2016). What is the Third Sector? Retrieved from the London School of Economics and Political Science.: http://fathom.Ise.ac.uk/features/122549/.
- Molla.R., & Alam, M. (2011). Mainstreaming Third Sector Economics by Adopting Islamic Principles of Entrepreneurship. Dialogue and Alliance, 25(2).
- Mohd Nahar Mohd Arshad, & Mohamed Aslam Mohamed Haneef. (2016). Third Sector Socio-Economic Models: How Waqf Fits in? Institutions and Economies, 72-90.
- Muhammad Akbar Rafdison, Muhammad Nafik H.R, (2018), Dampak Penyaluran Infak Untuk Kegiatan Usaha Produktif Dalam Penguatan Modal dan Peningkatan Kinerja UMKM, Jurnal Ekonomi Syariah Teori dan Terapan, Vol. 5 No. 1
- Najam. A. (2000) The Four C’s of Government Third Sector-Government Relations. Non-profit Management and Leaderships, 10(4). 375-396.
- Olaf, C. (2010). Defining and Theorizing the Third Sector. In Third Sector Research, 1-342.
- Yusof al-Qaradawi, (2009), Ekonomi Islam: Nilai dan Akhlak, Yayasan Pembangunan Ekonomi Islam Malaysia. Kuala Lumpur.
- Yayasan Pembangunan Ekonomi Islam Malaysia, Corporate Profile, (2024), YAPEIM, Kuala Lumpur.
- Islamic Management, The Application of Quranic Principles & Values, (2023) YAPEIM, Kuala Lumpur.