BAITULMAL ISSUES AND CHALLANGES IN ISLAMIC COUNTRIES

Abstract

This qualitative research aims to explore and analyze the contemporary issues and challenges faced by Baitulmal across diverse Islamic countries. Drawing on document analysis and case studies, the study delves into the multifaceted aspects of Baitulmal, investigating its role, functionality, and relevance in the context of modern Islamic economies. By focusing on a range of Islamic countries, including but not limited to Malaysia, the research identifies common themes and unique challenges that shape the current landscape of Baitulmal. The research shedding light on the socioeconomic, political, and cultural factors influencing the effectiveness of Baitulmal in different nations. Through the lens of Islamic finance experts, scholars, and policymakers, the study examines the adaptability of Baitulmal to contemporary economic systems and assesses its alignment with Sharia principles. Key themes explored include the governance structures of Baitulmal, its role in wealth distribution and poverty alleviation, the integration of technology, and its responsiveness to global economic trends. Additionally, the research investigates the impact of cultural and geopolitical factors on the operations and perception of Baitulmal in Islamic societies. Findings from this study aimed to contribute to the ongoing discourse on the revitalization and optimization of traditional Islamic financial institutions in the contemporary era. The research not only provides insights into the challenges faced by Baitulmal but also offers recommendations for potential reforms and innovations that could enhance its efficacy in fulfilling its intended socioeconomic roles within the diverse landscape of Islamic countries. In the end, this research recommended several potential research areas that important to explore for Baitulmal development in future.