Norbaizurah Abdul Jabar, Razli Ramli and Sazali Abidin
In Malaysia, both Islamic financial institutions (IFIs) and Islamic co-operatives (ICs) provide mushārakah mutanāqiṣah (diminishing partnership) (MM) financing. It was initially a…
Abstract
Purpose
In Malaysia, both Islamic financial institutions (IFIs) and Islamic co-operatives (ICs) provide mushārakah mutanāqiṣah (diminishing partnership) (MM) financing. It was initially a preferred contract as it is deemed to be more Sharīʿah-compliant and free from the element of ribā (interest) in comparison to other Sharīʿah-compliant sale contracts. Nevertheless, MM is now considered less appealing to IFIs due to its existing challenges. This paper aims to emphasise on MM as practiced by ICs which will highlight approaches to default, pricing of rental rates, profit sharing method and early settlement which differ to the practice of MM by IFIs.
Design/methodology/approach
This study focuses on Koperasi Pembiayaan Syariah Angkasa (KOPSYA), an IC based in Malaysia, which the authors concurred as being an ideal organisation to study on the matter due to its strong stance in promoting Sharīʿah-compliant financing products.
Findings
The research highlights the flexibility of MM implementation in KOPSYA to provide some insights on the rationale behind MM operations in KOPSYA.
Originality/value
The authors are hopeful that this paper will aspire further interest by giving the readers better understanding on the implementation of MM in KOPSYA and how it will benefit the customers.
Details
Keywords
Shifa Mohd Nor, Mariani Abdul-Majid and Siti Nabihah Esrati
This study aims to explore the perceptions of zakah institutions and the intention of society towards the application of blockchain technology in zakah management.
Abstract
Purpose
This study aims to explore the perceptions of zakah institutions and the intention of society towards the application of blockchain technology in zakah management.
Design/methodology/approach
The nature of this study is qualitative, attempting to indulge into the contribution of Fintech in Islamic social finance. This study uses a mixed-method to gauge the perception of stakeholders. For the quantitative approach, a survey was carried out focussing on zakah receiver and zakah payer. The data then was analysed based on the technology acceptance model. While interview survey with multiple stakeholders (zakah institutions, JAWHAR and university) was conducted to gauge the perception of zakah institutions in using blockchain technology.
Findings
The findings of this study provide a positive view for zakah institutions to embrace the usage of blockchain in its management, however, there are several concern that needs to be addressed.
Practical implications
This study provides new insights to the body of knowledge especially in the zakah management system and Fintech. Besides, from a managerial aspect, this study contributes to the new practices that could be implemented in zakah institutions.
Social implications
Many people lose jobs and income due to the economic turmoil and COVID-19 pandemic, which makes zakah an important Islamic social finance tool to assist in socio-economic development. It is high time for zakah institutions to implement blockchain especially during this pandemic crisis that requires a more contactless approach to ensure health and safety.
Originality/value
This study is important to encourage Islamic social finance institutions to embrace blockchain technology in providing an efficient service to the development of social and economic.
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Putri Reno Kemala Sari, Rosyia Wardani, Galuh Ratna Mutia, Syaiful Amri and Ririrn Tri Ratnasari
This study aims to critically examine the multifaceted challenges, innovative solutions and strategic approaches required to successfully integrate halal tourism with Sasak…
Abstract
Purpose
This study aims to critically examine the multifaceted challenges, innovative solutions and strategic approaches required to successfully integrate halal tourism with Sasak cultural heritage in Setanggor Village. Adopting a comprehensive stakeholder perspective, it analyses insights from four key sectors: governmental bodies, local community members, academic institutions and industry practitioners. Through this multidimensional approach, the study aims to formulate an effective strategy for seamlessly blending traditional Sasak cultural elements with modern halal tourism practices.
Design/methodology/approach
The study uses the sophisticated analytical network process (ANP) methodology to systematically identify, evaluate and analyse the complex network of factors influencing Sasak cultural integration within Setanggor Village’s halal tourism framework. To ensure comprehensive data collection and robust analysis, a mixed-method approach combining quantitative and qualitative techniques is implemented. This includes structured questionnaires for systematic data gathering, focus group discussions for collective insights, in-depth interviews for detailed stakeholder perspectives and direct observational studies for real-world context understanding.
Findings
This conceptual investigation reveals significant research gaps in the current understanding of halal tourism development in Setanggor Village. The study presents a strategic framework that identifies and prioritises crucial elements necessary for successful integration. The findings highlight critical priorities that must be addressed to ensure the sustainable growth and long-term viability of halal tourism in the region while preserving authentic Sasak cultural values.
Practical implications
The research outcomes provide valuable insights and actionable recommendations for stakeholders in Setanggor Village, particularly those involved in strategic planning and policy development. The findings serve as a comprehensive reference for developing and implementing effective halal tourism initiatives that align with local community needs, cultural preservation goals and economic development objectives.
Social implications
The research demonstrates significant social implications by offering a sustainable tourism development model that preserves cultural heritage while promoting economic opportunities. By integrating Sasak cultural elements with halal tourism principles, the study provides a framework for community empowerment, enhanced social cohesion and economic diversification. The approach promotes cross-cultural understanding, creates employment opportunities for local communities and establishes a model for inclusive tourism development that respects traditional values while adapting to contemporary market needs.
Originality/value
This study uniquely contributes to the field by offering evidence-based, practical insights to guide decision-makers and industry practitioners in developing halal tourism strategies that effectively balance modern tourism requirements with traditional cultural preservation. It provides a blueprint for creating sustainable tourism models that respect, celebrate and integrate local cultural heritage.