Under the current system, people are even more poor and has caused more poverty. The gap between rich and poor is greater than ever before (Vivek Ramaswamy is incorrect in saying that capitalism has lifted more people out of poverty than any other system)

Social finance is completely based on Islamic Finance, and Islamic Finance is based on owning a property that generates value by a morally upright person

Unlike conventional finance which is an intermediation between savers and consumers [people who have money and people who want to spend money], Islamic Finance is based on the intermediation between suppliers and user AND between savers and investors [people who build, people who use, people who have money, and people who want to build using that money]. This does give rise to commodity murabaha

Islamic Finance is societal, developmental, environmental friendly, ethically committed, fair. It does this by ordaining upon Muslim that they should own useful things and create value

Speaking about Social Finance requires 6 points

1) Altruism through selfishness (want more reward, do good deeds) - Altruism is selfishness in Islam (which there is no similarity to this)

2) Giving to others is obligation (there is a minimum level)

3) Guaranteeing the rights of the poor (It is a core tenant of Islam that the community has an obligation to help the most needy) - the proof for this is in the saheefa of Madina (which is also called the constitution of Madina, but technically it is not a constitution, it doesn't fit the meaning of constitution)

4) Social Contribution is Fard Kifaya (Communal Obligation) - As long as there is a poor person, the whole community is obligated is to help, and the one's who are able to are individually responsible

5) Socio-Economic Solidarity: Hadith: "Take from the rich and give to the poor" showing we are all together

6) Property should not circulate among the rich (This is regarding the public sector, the private sector allows circular economy)

What is the "Third Sector?" Zakah, Sadaqa, Waqf, etc.

- Zakah: No congress can change this part of Islam, it's permanent, even if there are no poor people or the 8 categories, people are STILL required to pay it. It is only due on the wealth and income (unlike current tax, which is due on transfer of wealth as well and many other categories)

- Awqaf (Endowments) first waqf in Islam that was ever created was for drinking water funded by Uthman (R) when he bought the well from the Jew so everyone can drink from it. Its primary objective is for the poor and needy (and Hanabilah have the unique positoin that one can make a waqf for himself (called trust). Historically this unique "Third Sector" took care of many sectors which are now simply part of the nation-state public sector, inlcuding but not limited to civil sector, education, health, social work and assistance. It's cumulative through generations which makes it permanent. Historically 1/3 of turkey was a waqf, most of the land in Egypt was a waqf. It only disappeared once colonialism conquered Muslim lands.