Unlocking Islamic social finance to assist micro small medium enterprises in Brunei Darussalam

Abstract

Many businesses around the world, particularly micro, small, medium enterprises (MSMEs) have been greatly impacted by the COVID-19 outbreak The use of Islamic social finance tools to support MSMEs in Brunei was reflected by the Brunei Islamic Religious Council Brunei Darussalam is not an exception in experiencing the impact of the pandemic Brunei recorded its first imported COVID-19 case on 9 March 2020 The Islamic social finance instruments have their own unique characteristics enabling them to be used in different circumstances tailored to the respective needs of the recipient Combining the three in the quest to empower MSMEs would be interesting as there is no one definite solution to assisting MSMEs to promote their growth and sustainability The chapter discusses the prospect, identifiable issues, and challenges of funding MSMEs through sadaqah, waqf, or zakat There is much talk about microfinancing, and when people talk about Islamic social finance, it is all about zakat, waqf, and sadaqah © 2021 selection and editorial matter, M Kabir Hassan, Aishath Muneeza, and Adel M Sarea