Islamic Financial Cooperative in Thailand: Challenges and Opportunities

This article offers an analytical study of Islamic cooperatives in Thailand and their potential areas for growth and development. This has also been done in a Buddhist-dominated country, where the Muslim community has formed Islamic cooperatives to cater to their economic needs within the confines of Islam. The paper examines the important natural, political, and socioeconomic aspects that affect and support these cooperatives. Incorporating Islamic economic principles, related Quranic verses, Hadith, and outstanding works of particular scholars of Islam, this paper has sought to provide a deep approach to this area of concern. Furthermore, it provides strategic advice on how to address the identified issues and take action to seize the identified opportunities, enabling the Islamic cooperatives in Thailand to endure and improve their performance.