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Waste Bank-Socio-Economic Empowerment Nexus in Indonesia: The Stance of Maqasid al-Shariʻah

Author

Listed:
  • Miftahorrozi Miftahorrozi

    (Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Istanbul 34303, Turkey)

  • Shabeer Khan

    (Department of Islamic Economics and Finance, Sakarya University, Serdivan 54050, Turkey)

  • Muhammad Ishaq Bhatti

    (SP Jain School of Global Management, Sydney, NSW 2141, Australia
    La Trobe Business School, La Trobe University, Melbourne, VIC 3083, Australia)

Abstract

With the rapid increase of waste throughout the country, the government of Indonesia has enacted regulations targeting waste reduction using religious sentiment. This is employed in Malang City’s “ Waste Bank of Malang ” (WBM). This study aims to analyze the impact of waste banks on socio-economic progress, and to assess their efficacy in accomplishing this objective from the Maqasid al-Shariʻah perspective. The research employs a descriptive qualitative approach and uses both primary and secondary data sources. This study found that the operation of WBM contributes considerably to the community’s economic and social well-being. Likewise, the WBM has successfully managed waste by reducing, reusing, and recycling it as it is collected from customers. The customers receive financial incentives from the waste bank in return for providing recycled waste to a specialized firm under a profit-sharing (PLS) contract. As per the findings of the study, the rationale of the waste bank aligns with the Maqasid al-Shariʻah and the Islamic finance contract of PLS arrangements.

Suggested Citation

  • Miftahorrozi Miftahorrozi & Shabeer Khan & Muhammad Ishaq Bhatti, 2022. "Waste Bank-Socio-Economic Empowerment Nexus in Indonesia: The Stance of Maqasid al-Shariʻah," JRFM, MDPI, vol. 15(7), pages 1-23, June.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:7:p:294-:d:853210
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    References listed on IDEAS

    as
    1. Haq, M Ashraf Al & Wahab, Norazlina Abd, 2019. "The Maqasid Al Shariah and the Sustainability Paradigm: Literature Review and Proposed Mutual Framework for Asnaf Development," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 5(2), pages 179-196, December.
    2. Zubair Hasan, 2006. "Sustainable Development from an Islamic Perspective: Meaning, Implications and Policy Concerns التنمية المستدامة من منظور إسلامي : المفهوم والنتائج," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 19(1), pages 3-18, January.
    3. Hasan, Zubair, 2006. "Sustainable development from an Islamic Perspective: meaning implications and policy concerns," MPRA Paper 2784, University Library of Munich, Germany.
    4. Bilqis Ololade Ahmed & Fuadah Johari & Kalsom Abdul Wahab, 2017. "Identifying the poor and the needy among the beneficiaries of zakat," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 44(4), pages 446-458, April.
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