In this presentation, Prof Iqbal Asaria examines some examples of Muslim financial institutions in South Asia and discusses challenges related to the inclusion of the marginalised. He explains how takaful, a form of Islamic insurance based on the principle of mutual assistance (ta‘awuni), can help mitigate some of the challenges related to micro-finance leading to greater inclusion of the marginalised.

Prof Asaria’s brief talk is followed by an engaging exchange with Professor Abdullah Saeed, Oman Chair of Arab & Islamic Studies at Asia Institute of the University of Melbourne. This exchange explores further some of the important concepts and themes arising from the presentation, including the level of participation of women in Islamic finance in South Asia, how the concept of zakat (an obligatory financial contribution that is prescribed by the sharia on those who possess wealth reaching a minimum amount) can be revitalised in the service of greater social justice and systematically support people in need, etc.

This is the second lecture in the Joint Lecture Series launched by the Asia Institute at the University of Melbourne and South Asian Studies at the Institute of Ismaili Studies in London. In a series of talks to be delivered over 2022-24, we address pertinent issues relevant to Muslim societies in South Asia.

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