Abstract
While the premise of Islamic finance is often couched in the principle of maqasid al-shariah with claims to social justice and welfare, the impact and contribution to the social sector has been minimal. This paper examines the claim among critics that there is an inherent weakness in the Islamic banking and finance industry in terms of its underdeveloped social sector. We argue that to be true to its spirit, Islamic finance has to have a more inclusive role in the economy by enhancing the proliferation of shariah compliant financial products for solutions in the social sector. The paper also highlights developments of SIB (social impact bond) in the social finance space and draws parallel to similar trends in Islamic finance. The paper provides a case for structuring an Islamic SIB by highlighting the benefits of such structures.
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