Journal Article


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    Enhancing synergy in the waqf ecosystem in Malaysia: promoting in increased waqf contributions among beneficiaries donors, and mutawalli
    Fuadah Johari; Fauzias Mat Noor; Baharom Abdul Hamid; Wan Ahmad Amir Zal; Ahmad Fahme Mohd Ali; Hanim Misbah; Hasnah Haron; Syahidawati Shahwan; Zurina Shafii; Amir Shaharuddin; Azuan Ahmad; Ziyaad Mahomed; Kinan Salim; Muhammad Mohamad Yusoff; Wiaam Hassan; Nur Atikah Atan (Social Sciences Bibliography Indexes and Archive Data (SOBIAD), 2023)

    This research endeavour aimsto foster collaboration among beneficiaries, donors, and waqf managers (mutawalli) by deeply understanding the prevailing legislative framework. Employing a concept-driven qualitative methodology, we conducted content analysis through a deductive approach. The investigation employed three key attributes, namely "use more, donate more, and share more," to systematically explore the ramifications of established concepts in a broader context. Focus Group Discussions (FGDs) were conducted, and subsequently, the transcribed text from these FGDs underwent meticulous analysis. The study culminates in the proposition that beneficiaries, donors, and mutawalli can synchronize their effortsthrough the waqf project by: 1) opting for increased utilization when the waqf project offers goods and services either free of charge or at a more affordable rate compared to the prevailing market prices; 2) contributing higher donations through various means such as cash, deductions from salaries, electronic payments, or in-kind contributions; and 3) enhancing information dissemination by utilizing platforms such as social media (WhatsApp, Facebook, YouTube, TikTok, etc.), mass media (television and radio), roadshows, interpersonal communication, and various online channels to propagate the cause. The initiative for synergy examines the applicability of the "benefidonors" term within the present context. The findings demonstrate that the concept of Benefidonors can indeed facilitate the collaborative sharing of information, thereby amplifying waqf contributions from beneficiaries, donors, and mutawalli. As a culmination of the study, a refined Benefidonors model is delineated, providing a comprehensive framework for effective collaboration.

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    Islamic fintech: accelerating the financial inclusion agenda in Malaysia
    Marjan Muhammad (Nomura Foundation, 2023)

    Financial technology (fintech) refers to the application of technology-software, algorithms and even hardware-to traditional financial services to save time, optimise cost, and enhance efficiency and user experience. Fintech applications, which include digital payment, internet and mobile banking, peer-to-peer (P2P) financing, equity crowdfunding (ECF), robo-advisory, digital asset exchanges, insuretech, and e-services have provided innovative solutions to various stakeholders, either the surplus units (i.e., investors who have excess funds) or deficit units (i.e., parties who need funds). Islamic fintech, on the other hand, refers to the use of technology to deliver financial services and solutions that comply with the Shariah principles and requirements, promote the well-being of mankind, and integrate ethical elements to attain fairness and justice.

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    Case for a centralized database for waqf administration in Malaysia
    Ziyaad Mahomed; Baharom Abdul Hamid; Kinan Salim; Ahmad Fahme Mohd Ali; Fauzias Mat Nor; Fuadah Johari; Wan Ahmad Amir Zal; Wiaam Hassan (Oxbridge Publishing House, 2023)

    The aim of this paper is to evaluate the various existing models of waqf in practice and determine their applicability within the context of Malaysia. This study was undertaken to investigate the practicality, feasibility, and potential success of implementing a centralized database for the administration of waqf. The research process involved extensive desktop research and thorough benchmarking analyses. Additionally, the study delved into the identification of obstacles and challenges. To provide comprehensive insights, case studies were meticulously compared and contrasted. The findings of this study indicate that the establishment of a centralized national Waqf database would significantly enhance the efficiency and effectiveness of Waqf operations and administration. Furthermore, it would contribute to the enhancement of integrity and transparency within the system. Following this line of thought, the adoption of such a system aligns with the principles of maqasid al-Shariah, ultimately safeguarding the reputation of Islam.

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    Growth differences between former colonies
    Bashir Ahmad; Mohd Yusof Saari; Azali Mohamed; Muzafar Shah Habibullah; Baharom Abdul Hamid (Departments of Economic Theory of the Autonomous University of Madrid and the University College of Financial Studies (CUNEF), 2023)

    The objective of this study are to examine the impact of colonization on former colonies on their economic growth performances. The relationship between economic growth and selected independents variables are discussed covering 72 former colonies for the period of 1995 to 2015. The objective is to investigate the determinants of growth in former colonies colonized by four former conquerors namely Spain, France, The United Kingdom and The Soviet Union (Russian Federation). To achieve this objectives, we employed Generalized Method of Moment (GMM) estimator popularized by Arellano and Bond (1991) and Blundell and Bond (1998) and the independent variables of the estimation to achieve the targeted objectives, are the control variables of growth gross fixed capital formation (GFCF), as a proxy for capital and total population (TPOP) as a proxy for labor. This study also uses other independent variables such as length of colonial period (COLOH) which is the focus variable, domestic credit to private sector (DCPS), trade openness (TOP), foreign direct investment (FDI) and a couple of institutional qualities representing variables such political rights (PR) and civil liberties (CL). The results are quite consistent and robust - colonization is positive and highly significant implying that colonization indeed has a positive impact on the colonized countries, though the masters are perceived as parasites. They also prepare the right infrastructures that could enable the colonized countries to grow economically. As for the other variables including the control variables population, domestic credit to private, trade openness, and gross fixed capital formation are also positive and significantly related.

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    Developing a social security micro-takaful model for gig economy workforce
    Mohsin Ali; Hafezali Iqbal Hussain; Qasim Ali Nisar; Chang Yenwen; Baharom Abdul Hamid; Ziyaad Mahomed (Departments of Economic Theory of the Autonomous University of Madrid and the University College of Financial Studies (CUNEF), 2023)

    The gig economy is a relatively new trend that has not yet been researched or documented significantly. The term "gig economy" refers to labor markets that offer contract-based, temporary, on-demand work and focus primarily on completing specific tasks. This research attempts to conduct a literature review on the risks that gig workers experience and the variables contributing to their lack of protection. In addition, the paper presents an idea for a model of takaful that would apply to gig workers. In addition, the study details the policy implications for the various stakeholders.

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    A comparative analysis of Shariah governance framework of Islamic bank in Malaysia and Pakistan
    Zaki Ahmad; Md. Mahfujur Rahman; Ziyaad Mahomed; Aishath Muneeza (Department of Sharia Financial Management, IAIN Sultan Amai Gorontalo, 2023)

    The aim of this paper is to investigate the differences between the contemporary Shariah governance frameworks of Malaysia and Pakistan. The study also examines the ways in which the Shariah governance frameworks of both countries can complement each other. This research concludes that the SGF principles of both countries under discussion abide by the AAOIFI and IFSB guidelines regarding SGF. Many aspects of the SGF of Malaysia are similar to the SGF of Pakistan. For example, both structures need to further develop the ethical aspect. While the similarities are plentiful, a few differences can be found between the two as well. This research provides insights to policy makers, regulators, and practitioners on approaches in governance policy and an assessment of the governance scope adopted by Malaysia and Pakistan via their respective SGFs. The SGFs have also been assessed for their conformance to international standards, including the AAOIFI and the IFSB.