This paper aims to propose cash waqf (endowment) to develop a conceptual model that can be utilised to extend microfinance for refugees.
Abstract
Purpose
This paper aims to propose cash waqf (endowment) to develop a conceptual model that can be utilised to extend microfinance for refugees.
Design/methodology/approach
Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models.
Findings
Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF) – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation) by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model.
Practical implications
CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs) and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities.
Originality/value
Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can contribute in the improvement of socio-economic situations of millions of refugees around the world.
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Ahmad Akram Mahmad Robbi, Muhammad Shahrul Ifwat Ishak and Fathullah Asni
Islamic financial institutions (IFIs) in Malaysia continue to promote Shari‘ah-compliant business and transactions. As a result, the governors have a lot to think about before…
Abstract
Purpose
Islamic financial institutions (IFIs) in Malaysia continue to promote Shari‘ah-compliant business and transactions. As a result, the governors have a lot to think about before issuing any fatwa or ordinance, which impacts the majority of Malaysians. Nevertheless, the point of views from the governors have not been highlighted much. This research seeks to investigate the extent to which the conception of al-Siyasah al-Shar‘iyyah is embraced by Shari‘ah committees’ leadership roles within IFIs. The importance of al-Siyasah al-Shar‘iyyah in decision-making makes abandoning the Shari‘ah principle untenable and its significant role for IFIs in Malaysia cannot be overstated. It serves as a crucial tool for decision-making by authorities and governors.
Design/methodology/approach
The objectives of this research are attained by examining diverse sources obtained through library research, encompassing books, journals, newspapers, websites and reports. In addition, to use an analytical method to assess the role of al-Siyasah al-Shar‘iyyah in IFIs pratical, the authors collect information through interviews with five participants actively engaged in Shari‘ah committees within financial institutions, both directly and indirectly.
Findings
The research paper concludes that al-Siyasah al-Shar‘iyyah holds significance for Shari‘ah committees in IFIs when providing legal opinions. In situations where existing madhhab-based laws prove insufficient for addressing a particular issue, the Shari‘ah committees will autonomously engage in new ijtihad to ensure effective resolution of the matter.
Research limitations/implications
The implication that could have been resulted from this study is to indicate how Shari‘ah committees in IFIs structuring a set of rules and regulations embedded by al-Siyasah al-Shar‘iyyah elements to produce maṣlaḥaḥ for the ummah. This perspective is barely discussed in depth as Malaysia has unanimous scholars who work in this area. Thus, the authors attempt to bring the discussion academically and express the point of view from governors’ perspective.
Originality/value
In the Malaysian context, where Islamic banks and financial institutions are overseen by Shari‘ah committee members and the Central Bank of Malaysia, this study delves into the practical experiences of governors in carrying out the responsibilities of al-Siyasah al-Shar‘iyyah within the decision-making process. The objective is to investigate the perspectives of Shari‘ah committees when they encounter scenarios where prevailing madhhab opinions prove inadequate in addressing contemporary issues within the country.
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Wan Nuraihan Ab Shatar, Jalal Rajeh Hanaysha and Putri Rozita Tahir
This paper aims to test the main factors that affect cash waqf collection among the employees of Islamic banking institutions (IBIs) in Malaysia.
Abstract
Purpose
This paper aims to test the main factors that affect cash waqf collection among the employees of Islamic banking institutions (IBIs) in Malaysia.
Design/methodology/approach
The data was gathered using a survey method from 218 employees of IBIs in Malaysia. The obtained data was analyzed using the Statistical Package for the Social Sciences software and smart partial least squares-structural equation modeling to verify the hypothesis and reach conclusions.
Findings
The results revealed that word of mouth and trust have significant positive impacts on cash waqf collection. The outcomes also confirmed that convenience and accessibility to cash waqf play significant roles in affecting cash waqf collection.
Originality/value
Based on the researchers’ knowledge, there are only a few studies which focused on measuring the driver of cash waqf collection from the employees’ perspective, particularly in the Malaysian context. This study specifically applies the theory of reasoned action to determine employees’ attitudes toward cash waqf fund collections in IBIs in Malaysia. Having an understanding of the factors that influence employees to contribute to cash waqf would better equip IBIs in managing their cash waqf contributions and in designing their marketing and branding strategies for promoting their institutions.
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Dilip S. Mutum, Ahmad Hata Hussein and Ezlika M. Ghazali
This study investigates the antecedents of student loyalty towards universities. This study offers new insights into postgraduate loyalty in the context of the Malaysian higher…
Abstract
Purpose
This study investigates the antecedents of student loyalty towards universities. This study offers new insights into postgraduate loyalty in the context of the Malaysian higher education industry.
Design/methodology/approach
Partial least squares structural equation modelling is used to analyse data obtained from a survey of 231 postgraduate students in Malaysia.
Findings
The findings indicate that there is a significant relationship between price value and both student satisfaction and student loyalty. There are also strong relationships between learning environment and student satisfaction and between student satisfaction and student loyalty. While university prestige showed a significant relationship with student satisfaction, it is not related to student loyalty. Another important finding is that price value has a strong and direct relationship with both student satisfaction and student loyalty.
Originality/value
This study presents an updated empirical model of student loyalty. Contrary to previous studies, the results indicate that service quality is not related to student satisfaction. However, it is found to influence student loyalty towards the University. The results also indicate the important mediating effect of student satisfaction. This is the first study to look specifically at student satisfaction and loyalty of postgraduate students in Malaysia.