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Social security is a crucial part in human life, which is consisted pre-arrangements against risky life. Takaful is an essential approach which provides confidence and ethical guidlines in protecting assets. Takaful, is considering Shari’ah principles, also applies the same principles of insurance for its operation even though insurance consists of some prohibited elements in Islam. The objectives of this study are to analyse the governing principles of insurance and takaful and explain how Islam focuses on these principles and ethical aspects in takaful operation from Shariah perspective. The study is designed as documentary research which provides conceptual and theoretical knowledge, and it uses secondary sources such as journal articles, books, reports, as well as main sources of Islamic law. Findings of the study are that principles that are applied in takaful comply with shariah. Similarly, Shari’ah usually does not prohibit general guidelines which are created even in conventional institutions; however, it strictly prohibits the elements which are nocuous to the community. The advantage of takaful is making confidence and truth under religion, which is to be applied in transactions, social life to be free from fear, privation, and poverty. This research supports to takaful researchers and operators to be educated strongly on principles with shariah views and takaful’s importance.

Purpose This paper aims to highlight the importance of waqf in financing higher educational institutions (HEIs) and its potential as an alternative source of generating additional funds for the HEIs, and discourses on waqf practice, fundraising, waqf management and utilisation of waqf income for the development of higher education in Malaysia. Design/methodology/approach This paper is based on the information gathered through interviews with 12 participants who are actively engaged in waqf in different capacities. The participants can easily be classified into three expert groups; personnel of waqf-based universities, personnel of the respective State Islamic Religious Councils (SIRCs) and waqf practitioners. In addition, archival records, relevant documents and library sources have been used in the research. Findings The study learnt that waqf in Malaysia is centralised and exclusively controlled by the SIRCs, which are, as a rule, sole trustees of all categories of awqaf in the respective states; hence, any form of private trusteeship is considered illegal. It is a prerequisite for the establishment of a waqf fund to obtain permission from the respective SIRCs, and bring it under the purview of the council prior to setting up a waqf. The ministry of higher education has taken some initiatives to encourage HEIs to use waqf as an alternative source of generating funds. Subsequently, numerous public universities have set up waqf funds and developed a comprehensive mechanism for raising the fund through traditional and modern methods and technologies. A major chunk of the waqf funds is collected in the form of cash, but the amount falls short of reaching critical mass to enable the waqf to become self-sustaining. The study found that the universities also involved themselves in various social welfare programmes, especially in health care, and some income-generating projects besides seeking support from the waqf fund for their academic and educational activities. Practical implications The paper brings out the fact that waqf offers the best features as an alternative fiscal instrument to finance projects of public good, including higher education at three selected waqf-based universities in Malaysia. Social implications The study’s findings will be helpful to the ummah in general and Malaysia in particular. It can help policymakers, legislators and academicians in formulating new strategies for the common good and sensitize the countries facing a huge fiscal deficit and lack of development to the viability and potential of waqf as a catalyst for progress and economic activity. Originality/value The paper shares the experience of Malaysia’s waqf-based universities, waqf fundraising, management and income utilisation. It accentuates the fact that waqf can help finance academic activities at universities and sheds light on some useful examples of waqf-based universities founded in earlier periods of Islamic civilisation.

Global economic and social development has been severely inhibited by the COVID-19 outbreak. The long-term closure of economic sectors has resulted in numerous losses and presents a great challenge for many industries in recovering their losses. Pandemics are not generally covered by insurance and takaful companies because the outbreak of a disease on a global level is a rare event that requires a substantial amount of capital to cover it. Still, many insurances and takaful operators voluntarily agreed to waive this condition and circumvent relevant rules to provide coverage for COVID-19 treatment during a specific period of time. The takaful industry has been challenged in providing hospitalization benefits to COVID-19 patients where a pandemic clause is not included in the takaful contract. This conceptual paper focuses on when the contracting parties require ijtihad from shariah scholars to determine the need for tabarru’ funds when a pandemic has not been stated in the contract. By using qualitative approach, this study finds that takaful contracts require amendment of their clauses, or that other fundings need to be established for matters not specified in contracts, such as epidemics and pandemics.

Income in Islamic banks is primarily determined by how much profit or profit the bank receives. Several factors that become indicators of Islamic Bank income are financing funding and the lack of non-performing financing. The greater the financing of third-party funds, the greater the profit to be received, and the higher the NPF level, the lower the bank's profit. Banks with a large enough CAR will be able to increase bank profitability. The NPF variable harms ROA because a decrease in the NPF ratio will increase bank profits. And the CAR variable as an intervening variable also has a positive effect on ROA because an increased CAR will increase bank profitability. Whereas when the NPF decreases, the profitability of Islamic banks also decreases, while when FDR and CAR increase, ROA decreases. The formulation of the problem in this study is whether there is a partial and simultaneous influence of FDR and NPF on ROA?. Is there a partial and simultaneous influence of FDR, NPF, and CAR on ROA. This research is a quantitative study with the population of Islamic Commercial Banks in Indonesia registered with the Financial Services Authority (OJK). In comparison, the sample of this study was determined by purposive sampling method with criteria determined by the researcher so that 4 Islamic commercial banks were obtained from 2012 to 2019. This study used secondary data with research methods using quantitative methods with an associative approach. Data collection techniques were carried out by observation. The data analysis technique used in this research is the associative analysis technique, namely multiple linear regression testing, classical assumption test, hypothesis testing, coefficient of determination test, and path analysis. The results of this study indicate that partially the FDR variable has an insignificant negative effect on ROA, NPF has a significant negative effect on ROA. In comparison, CAR has a positive and significant effect on ROA. Simultaneously, the FDR and NPF variables have no significant effect on ROA. For the results of the path analysis, it is found that the CAR variable cannot mediate the effect of FDR and NPF on ROA.

Aim of this research is the phenomenon on the 2016-2020 financial statements of BRI Syariah Bank. It shows that the increase in income is not always followed by an increase in Return On Equity (ROE) at BRI Syariah Bank, vice versa. The purpose of this study was to determine the effect of mudharabah, musyaraka, and ijarah both in the long and short term on Return On Equity (ROE). The method of this study used quantitative methods, and used secondary data. The population and sample used in this study are BRI Syariah Bank monthly reports, including mudharabah, musyaraka, and ijarah in the 2016-2020 period. The analytical method used is the Error Correction Model (ECM) with the Eviews program. The results in this study indicate that in the short term and long term, mudharabah has a significant positive effect on return on equity (ROE), the short term results show that the t-statistic (t-count) is greater than the t-critical (2.833045>2.002247). . Meanwhile, the results of the long-term test show that the t-statistic (t-count) is more significant than t-critical (2.467613>2.002247). Musharaka in the short term and long term affects the return on equity (ROE). The short-term results show that the t-statistic (t-count) is greater than the t-critical (2.909601>2.002247). Meanwhile, the results of the long-term test show that the t-statistic (t-count) is more significant than t-critical (2.733504>2.002247). While ijarah in the short term and the long term does not affect the return on equity (ROE), the short term results show that the t-statistic (t-count) is greater than the t-critical (1.330407

Ijtihad adalah penentuan terhadap suatu hukum yang tidak ada dibincangkan dalam sumber perundangan Islam. Ia juga merupakan suatu mekanisma utama dalam ilmu usul fiqh. Isu ijtihad ini banyak dibincangkan oleh ulama terdahulu dan juga ulama kontemporari dalam menentukan sesuatu hukum yang sesuai dengan perkembangan semasa. Namun begitu, ijtihad ini hanya boleh dilakukan oleh orang yang berkelayakan sahaja. Dalam konteks kewangan Islam, Majlis Penasihat Syariah Bank Negara Malaysia (MPS BNM) adalah badan yang berautoriti untuk melakukan ijtihad terhadap isu-isu yang timbul berkaitan dengan muamalat. Tujuan kajian ini dilakukan adalah untuk mengenalpasti pendekatan yang digunakan oleh MPS BNM dalam menangani isu-isu kewangan Islam. Oleh itu, kajian perpustakaan telah digunakan untuk memperolehi segala maklumat seperti jurnal, buku, kertas persidangan, dan koleksi Resolusi Syariah dalam Kewangan Islam. Kajian lapangan juga turut dijalankan dengan menggunakan kaedah temu bual. Temu bual dijalankan bersama pegawai-pegawai yang terlibat dalam industri kewangan Islam. Hasil kajian mendapati MPS BNM melaksanakan tugasnya dengan mengeluarkan suatu hukum terhadap isu yang dibincangkan dengan menjalani proses ijtihad terlebih dahulu. Bertitik tolak daripada kenyataan ini, pendekatan ijtihad menjadi satu keperluan penting dalam memberikan jawapan hukum terhadap isu-isu semasa yang timbul terutamanya dalam kewangan Islam. Ijtihad is the determination of a law which is not discussed in Islamic legal sources. It is also the main mechanism in the usul fiqh. The issue of ijtihad has been discussed by former scholars as well as contemporary scholars in deciding law based on current developments. However, ijtihad can only be done by qualified people. In the context of Islamic finance, Shariah Advisory Council of Bank Negara Malaysia (SAC BNM) is the authorized body that can perform ijtihad on issues related to Islamic finance. The purpose of this study is to identify the approach used by SAC BNM in addressing Islamic Financial issues. Therefore, library research was done to obtain information such as journals, books, conference papers and Shariah resolution in Islamic Finance. Field studies were conducted using interview method. Interviews were conducted with executives who wererelated to Islamic finance industry. This study found that SAC BNM performs their duties in defining the hukm through the process of ijtihad. Starting from this point, ijtihad became a necessity in providing legal answers on current issues especially in Islamic finance.

Purpose This study aims to investigate the factors affecting micro, small and medium entrepreneurs’ (MSMEs) behavioural intention to participate in takaful schemes in Sri Lanka. Design/methodology/approach This research adopted a quantitative approach using primary data from a questionnaire. Out of 470 questionnaires, 432 were collected (91.91%) from MSMEs in Kalmunai business region in Sri Lanka. The data obtained were analysed using partial least square-structural equation modelling. Findings This study revealed that the extension model of the theory of planned behaviour (TPB) can be effectively applied to behavioural intentions towards a takaful scheme by MSMEs. Out of eight hypotheses, seven were significant, including: attitude towards behavioural intention; subjective norm; perceived behavioural control; knowledge; religiosity; income; trust in takaful as a significant influence. However, awareness of intention was not found to be significant. Practical implications This study suggests advantages for takaful providers in Sri Lanka, especially marketing departments, for enhancing sale of products, refurbishing marketing strategies and understanding the purchasing motivation of business entrepreneurs. This study guides takaful companies as to where they should concentrate to enhance market penetration. Originality/value Previous studies have concentrated on only three factors which comprise TPB. This paper’s main contribution is on the uniqueness of the Muslim minority context in a pluralistic context, providing a marketing model for takaful operators based on the different relevant dimensions.

Purpose This paper aims to analyze the role of waqf in the socio-economic development of the organization of the Islamic Cooperation (OIC) countries. Various projects currently use waqf as an instrument for socio-economic development, as reported in the scholarly literature. This study will investigate this literature to explore trends in waqf studies and the role of this Islamic form of endowment in the socio-economic development of OIC countries. Design/methodology/approach This systematic literature review focuses on peer-reviewed journals and data obtained from the Mendeley database using specific criteria to analyze the socio-economic developmental role of waqf in OIC countries from 2011‐2020. Findings The socio-economic developmental role of waqf in OIC countries has been widely studied. In total, 68 academic articles were found that are relevant to themes of poverty alleviation, social welfare, entrepreneurship, education, health services and religious facilities. They reveal that the role of waqf in social welfare was the most discussed topic in the research. In addition, the majority of studies used an interview method to study waqf institutions in nine OIC countries. Furthermore, the number of publications on the theme has increased significantly every year, although the largest proportion occurred in unindexed journals. Practical implications This study provides an overview of research trends in the socio-economic developmental role of waqf. Its results can provide practical input for waqf institutions as they encourage its practice in OIC countries, and for policymakers in formulating their management strategies to promote the role of waqf in the social and economic aspects of society. Originality/value This paper reviews the current development of the socio-economic role of waqf in OIC countries. It will help researchers improve their understanding of this role. It will also provide waqf managers in OIC countries with adequate information on waqf projects which they can implement to achieve socio-economic development in their countries.

Return On Asset is a profitability ratio that can measure the company's ability to produce labs. In this study, the researchers found data on the quarterly financial reports of Bank Syariah Indonesia that the FDR value increases. However, the ROA value and decreased, found the BOPO and NPF values decreased but were not accompanied by an increase in ROA. This study using a quantitative method with an associative approach. The type of data used is secondary data from the 2013 first-quarter financial statements - In the fourth quarter of 2020, data is taken from the Bank Syariah Indonesia website. Data analysis using classical assumption test, simple linear regression analysis, linear regression analysis multiple, hypothesis testing, and path analysis. The results showed that NPF could mediate between BOPO and ROA. NPF can mediate between FDR and ROA. The cause of the decrease in ROA is caused because the BOPO value is still relatively high due to Sharia Bank Indonesia's performance less efficient and have the FDR value in several quarters exceed the maximum limit. So it indicates that the bank is less efficient in the distribution of financing and has an NPF value that exceeds the limit set by Bank Indonesia in several quarters. The solution is to make BOPO efficient. Indonesian Sharia Banks must pay attention to operational efficiency by paying attention to costs incurred with revenue received. A low BOPO will significantly affect the level of profit Islamic banks to improve the quality of ROA. Furthermore, more cost-effectiveness further increases the income so that the profit obtained is higher. Next, Bank Syariah Indonesia must use the number of funds in the banking sector to channel financing so that the risk of financing is getting higher reduced.

Religious learning in the pandemic era was carried out through social media, such as Facebook, Whatsapp, Twitter, and Instagram. YouTube is transformed into the premier medium of teaching. For students and the millennial generation, social media provides many conveniences. However, on the other hand, it becomes a problem in itself, especially for parents in presenting education that is full of values, during a struggle for the free flow of information and communication. The paper aims to analyze the transition of learning media in education, from conventional offline models to online via social media, and to prove the impact of using social media on students or the millennial generation. Qualitative methods are used to analyze data. The findings of this paper indicate that education during a pandemic, reading printed literature, is also carried out via the internet. Social media has a significant impact on students or the millennial generation, so efforts to strengthen values are needed. Social media brings together the main actors in education; parents, academics, government, social media, and regulation. Abstrak: Pembelajaran agama di era pendemi dilakukan melalui media sosial, seperti Facebook, Whatsapp, Twitter, dan Instagram. YouTube ditransformasikan menjadi media utama dalam pengajaran. Bagi siswa dan generasi milenial, media sosial menyediakan banyak kemudahan. Namun pada sisi lain, menjadi problem tersediri, terutama orang tua dalam menghadirkan pendidikan yang sarat dengan nilai, di tengah-tengah pertarungan arus informasi dan komunikasi yang bebas. Tujuan dari paper ini adalah: untuk menganalisis peralihan media pembelajaran dalampendidikan, dari model konvensional luring menuju daring online melalui media sosial, dan membuktikan dampak penggunaan media ssosial tersebut bagi siswa atau generasi milenial. Metode kualitatif digunakan guna menganalisis data. Temuan dari paper ini menunjukkan bahwa pendidikan pada masa pandemi, selain dengan cara menbaca literatur cetak, jugadilakukan melalui internet. Media sosial sangat berdampak terhadap siswa atau generasi milenial, sehingga diperlukan upaya penguatan nilai.Media sosial menyatukan aktor-aktor utama dalampendidikan, yaitu; orang tua, akademisi, pemerintah, media sosial, dan regulasi itu sendiri.

Wabah Covid-19menyebabkan dampak kerugian pada berbagai sektor ekonomi termasuk pariwisata halal. Larangan dari berbagai belahan dunia untuk keluar masuk telah menekan sumber pendapatan utama sektor pariwisata. Status waspada virus corona yang dinaikkan dari kuning menjadi merah, yang menandakan penyebaran virus corona sangat serius dan berdampak luas bagi kesehatan masyarakat.Kerugian secara ekonomi ini terjadi karena banyaknya wisatawan dari berbagai negara di dunia yang membatalkan liburan mereka karena takut tertular Covid-19. Hal baru dari paper ini adalah kurangnya penelitian yang mencoba menghubungkan antara dampak virus corona terhadap pariwisata halal. Adapun tujuan dari paper ini adalah: 1. Mendeskripsikan hubungan kausalitas antara virus corona dan dampaknya terhadap pariwisata halal. 2. Meningkatkan efisiensi di sektor pariwisata halal melalui destinasi domestik. 3. Menganalisis dampak virus corona yang menekan pariwisata halal. Metode penelitian ini menggunakan metode kualitatif dan data instrumen yang digunakan adalah data sekunder berupa dokumentasi. Temuan paper ini menunjukkan bahwa virus corona secara signifikan memengaruhi masa depan pariwisata halal di destinasi global, sehingga destinasi domestik adalah solusi dari dampak virus corona untuk mencegah kerugian yang lebih besar pada pariwisata halal. Virus coronavirus menyatukan aktor-aktor utama yang terkait dengan pariwisata halal: medis, kebijakan global dan domestik, akademisi, fasilitas, layanan elektronik, akomodasi dan penerbangan. [The Covid-19 outbreak has a detrimental impact on various economic sectors, including halal tourism. The prohibition from various parts of the world to go in and out has suppressed the main source of income for the tourism sector. The coronavirus alert status has been raised from yellow to red, which indicates the spread of the coronavirus is very serious and has a wide impact on public health. This economic loss occurred because many tourists from various countries in the world canceled their holidays for fear of contracting Covid-19. The novelty of this paper is the lack of research that tries to link the impact of the coronavirus on halal tourism. The objectives of this paper are 1. To describe the causal relationship between the coronavirus and its impact on halal tourism. 2. Increase efficiency in the halal tourism sector through domestic destinations. 3. Analyzing the impact of the coronavirus that suppresses halal tourism. This paper method uses qualitative methods and data used is secondary data in the form of documentation. The findings of this paper indicate that the coronavirus significantly affects the future of halal tourism in global destinations and domestic destinations is a solution to prevent greater losses in halal tourism. The coronavirus brings together the main actors related to halal tourism: medical, global and domestic policy, academia, facilities, electronic services, accommodation, and aviation.]

Endowment is one of the important sources of income for Higher Education Institutions (HEIs) in many countries, including Malaysia. The elements that contribute to the success of this fund need to be identified so that its role can be sustained. There are several elements driving the success of endowment in HEIs were found in the previous study which consist of highly-skilled investment managers, superior investment committees and alumni networks. In this study, these elements were revisited in the context of Malaysia. This study is conducted based on a literature review which acts as a preliminary ground for further empirical research in this area. This study found that there are specific aspects that need to be included with the aforementioned elements to ensure that they are suitable to be applied in Malaysia. At the same time, other elements (i.e., diversity of income sources and effective fundraising) should be considered as well as they have the possibility to contribute to endowments’ success, especially in this country.

As prescribed by shari'ah, zakah is distributed to eight (8) groups of asnaf. There are different mechanisms in Malaysia to distribute zakah, such as financial support for living, education, medical, et cetera. One of the financial supports from zakah is to motivate the beneficiary of zakah by supplying zakah fund for business purposes. This study will explore the practise of capital assistance among zakah institutions in Malaysia. The information for this research was gathered through interviews conducted between July and September 2019. The findings indicate that, out of fourteen (14) states in Malaysia, only one state does not include zakah for business purposes, which is Sarawak or Tabung Baitulmal Sarawak.

Islamic economic development is a task incumbent upon a good Muslim community. Indonesia has, in recent years, accelerated its economic development -especially in the area of infrastructure development- thereby requiring additional funding sources to aid this development. Thus, the government has issued Project Based Sukuk (PBS), which aims to finance the development of the country’s infrastructure. PBS is a Shariah-based financing instrument that is an alternative for Muslim communities which are interested in building a country’s economy without elements of ribā. This instrument has a main contract in the form of ijārah and supporting contracts, one of which is al-bay‘. However, the application of these contracts can only be said to be valid from a Sharā‘ perspective if all rules and conditions are throughly fulfilled. This study focuses on analyzing the application of the al-bay‘ contract on PBS. It uses a data collection method by interview and review of literature, which was then analyzed inductively to draw conclusions from the specific to the general. The study found that the majority application of the al-bay‘ contract to PBS is in line with the principles of Shariah, although there are still some issues still to be rectified.

Ijtihad jama’i merupakan sebuah mekanisme perbincangan para ulama dan pakar dalam menyelesaikan pelbagai masalah kontemporari. Dalam perihal pembangunan harta wakaf pada masa kini, ijtihad jama’i turut berperanan dalam mengoptimumkan potensi dan sumbangan harta wakaf kepada pelbagai sektor pembangunan ekonomi. Dengan mengambil kira kecenderungan orang ramai untuk memberi sumbangan wakaf secara tunai berbanding mewakafkan harta tak alih seperti tanah dan bangunan, kelulusan dan keharusan wakaf tunai telah mengembalikan fungsi wakaf sebagai sektor ekonomi yang ketiga. Di Malaysia, penawaran skim wakaf tunai adalah di bawah bidang kuasa negeri kerana ia adalah sebahagian daripada perihal pentadbiran agama Islam. Oleh itu, skim wakaf tunai yang ditawarkan oleh Majlis Agama Islam Negeri (MAIN) akan merujuk kepada peruntukan statutori negeri yang sedia ada atau merujuk kepada keputusan Jawatankuasa Fatwa Negeri. Justeru, kajian ini merupakan kajian secara konseptual yang bertujuan mengkaji peranan ijtihad jama’i dalam pembentukan skim wakaf tunai bagi negeri-negeri di Malaysia.

Shariah mandates the criteria of kifāyah and ma’rūf in assessing maintenance for wives and children; however, these criteria currently require assesment and evaluation as maintenance is mostly influenced by society’s practices and by socioeconomic status. Consequently, Malaysia’s Islamic Family Law (Federal Territory) Act 1984 presribes that the maintenance assesment for wives and children must be based on the means (ma’rūf) and needs (kifāyah) of the parties. However, this provision is too general and there is no clear explanation of what constitutes these criteria for the parties. This provision has troubled some parties as it leaves the determination of the maintenance rate to a judge’s discretion regarding both criteria. This study, with a methodology of content analysis and in-depth interviews, determines an assessment formula for both criteria in assessing child maintenance. Hukum Islam mensyaratkan dua kriteria dalam pemberian nafkah istri dan anak yaitu kifāyah dan ma’rūf. Namun kriteria tersebut saat ini perlu ditinjau dan evaluasi lagi sesuai dengan praktik masyarakat serta keadaan social ekonomi saat ini. Seperti yang terdapat dalam hukum perundangan keluarga Islam Malaysia tahun 1984 yang menyatakan bahwa ma’rūf dan kifāyah menjadi syarat utama pemberian nafkah istri dan anak. Bagaimanapun penjelasan kriteria tersebut masih terlalu umum dan kurang jelas. Hal ini juga menyisakan beberapa persoalan akibat keputusan pengadilan yang mendasarkan pada kedua kriteria tersebut. Dengan menggunakan pendekatan analisis isi dan wawancara mendalam, kajian ini menguatkan penilaian kedua kriteria tersebut.

Purpose This paper aims to study waqf practice in Pakistan with regard to its utilisation in funding for higher educational institutions (HEIs) and investigates waqf raising, waqf management and waqf income utilisation. Design/methodology/approach The paper is based on the views of 11 participants who are actively involved in the waqf, its raising, management and income utilisation, and is divided into three subcategories: personnel of higher educational waqf institution, personnel of waqf regulatory bodies and Shari’ah and legal experts as well as archival records, documents and library sources. Findings In Pakistan, both public and private awqaf are existing, but the role of private awqaf is greater in higher education funding. However, due to lack of legal supervision private awqaf is considered as a part of the not-for-profit sector and legitimately registered as a society, foundation, trust or a private limited company. Waqf in Pakistan is more focusing on internal financial sources and waqf income. In terms of waqf management, they have firm guidelines for investing in real estate, the Islamic financial sector and various halal businesses. Waqf uses the income for developmental and operational expenditure, and supports academic activities for students and staff. Waqfs are also supporting some other HEIs and research agencies. Thus, it can be revealed that a waqf can cater a sufficient amount for funding higher educational institutions. Research limitations/implications In Pakistan, both public and private awqaf are equally serving society in different sectors, but the role of private awqaf is much greater in funding higher education. Nevertheless, the government treats private awqaf as a part of not-for-profit sector in the absence of a specific legal framework and registers such organisations as society, foundation, trust or private limited company. The waqf in Pakistan mostly relies on internal financial resources and income from waqf assets. As the waqf managers have over the time evolved firm guidelines for investment in real estate, Islamic financial sector and various other halal businesses, and utilisation of waqf income on developmental and operational expenditures, academic activities of students and educational staff, other HEIs and research agencies, it can be proved that the waqf can potentially generate sufficient amount for funding HEIs. Practical implications The study presents the waqf as a social finance institution and the best alternative fiscal instrument for funding works of public good, including higher education, with the help of three selected waqf cases. Hence, the paper’s findings offer some generalisations, both for the ummah at large and Pakistan. Social implications The paper makes several policy recommendations for policymakers, legislators and academicians, especially the government. As an Islamic social finance institution, the waqf can help finance higher education anywhere around the world in view of the fact that most countries grapple with huge fiscal deficits and are hence financially constrained to meet growing needs of HEIs. Originality/value The study confirms that the waqf can be an alternative source for funding higher education institutions whether it is managed by the government or is privately controlled.

Dalam usaha membendung penularan COVID-19, kerajaan Malaysia telah menguatkuasakan Perintah Kawalan Pergerakan (PKP) kepada semua masyarakat. Memandangkan penguatkuasaan PKP ini mengambil masa hampir enam bulan, maka kajian ini membincangkan kesannya terhadap ekonomi rakyat. Dalam menangani kesan tersebut, pelbagai pihak yang merupakan pemegang taruh di Malaysia seperti kerajaan (termasuk kerajaan negeri), syarikat korporat, Pertubuhan Bukan Kerajaan (NGO), dan individu telah tampil dalam menghulurkan bantuan dan sumbangan yang menjadi fokus perbincangan dalam kajian ini. Kajian ini memilih beberapa institusi dan individu sebagai contoh dalam menonjolkan peranan mereka. Pemilihan ini dibuat kerana terdapat akses yang telus mengenai mereka berdasarkan carian di internet. Kajian ini dapat menyimpulkan bahawa semua pemegang taruh di Malaysia yang terlibat sama-sama berganding bahu dalam menghulurkan bantuan dan sumbangan kepada mereka yang terjejas dalam tempoh PKP akibat penularan COVID-19. In order to curb the spread of COVID-19, the Malaysian government has enforced the Movement Control Order (MCO) to all people. Since the MCO’s enforcement took nearly six months, this study discusses its impact on the people’s economy. In addressing these effects, various stakeholders in Malaysia such as government (including the state government), corporate companies, Non-Governmental Organizations (NGOs), and individuals have come forward in offering assistance and contributions which become the focus of discussions in this study. This study selected several institutions and individuals as an example in highlighting their roles. The selection is made since there is a transparent access about them based on the search on the internet. This study concluded that all stakeholders in Malaysia were involved in providing the assistance and contributions to those who are affected during the MCO period resulted from the spread of COVID-19.

The study examines the potential roles of Islamic Finance in the contemporary world in the provision of waqf based economic, social welfare and youth empowerment to surpass the economic impact of COVID-19 pandemic, reduce people’s suffering and protect the human lives which is one of the cardinal objectives of shariah. The paper will attempt to give a framework for waqf to youth empowerment in the entrepreneurship, and human capital development for the socio- economic development of Kano state. This study examines the effect of accessibility to basic healthcare services and economic growth as parts of the objectives of Maqasid al-Shariah, which is protection of life and dignity. The paper adopted a qualitative approach to explore the role of waqf in the empowerment of the youth in order to survive the economic meltdown as a result of the COVID-19 pandemic. The structured interview questions were designed to explore the potentials of waqf in providing youth empowerment. The result of the study revealed that waqf is a kind of charitable Islamic empowerment which has the capability of providing empowerment to the youth and economic wellbeing to the Kano People through financing the small and medium enterprises. The study concluded that Waqf can be used to overcome economic challenges in this time of COVID-19 and post COVID-19 era towards the attainment of financial stability and realization of Maqasid Shariah.

The investment of cooperative fund (takāful fund) in cooperative insurance is one of the most important features of the cooperative insurance industry compared to conventional one. Moreover, it is a key component in the support and development of such Fund. However, there have been illicit violations in the Shariah contracts that regulate the investment, thus, have been criticised particularly by Fuqahā’ (Islamic jurists) and practitioners. The study highlights the nature, significance and parameters of investment in cooperative insurance. It displays and analyses the opinions and critiques pertaining to such transactions. In other words, it displays and analyses the contract of mudārabah (profit-sharing model) and that of wakālah bi al-istithmar (agency contract for investment model) because there are seen practically as the most frequent transactional contracts. The study, therefore, examines SABB as a Takaful model in Saudi Arabia, which claims its commitment to the implementation of Shariah and its principles, particularly in the management of takāful and investment operations. In addition to analysing the contractual relationship between them and their policyholders, based on the contract of wakālah bi al-istithmar. The study also investigates the most important issues of contracts being used to invest of the cooperative fund as well as positive aspects arising from their implementation. Consequent findings reveal that the takāful or cooperative insurance industry has proven its significance and success in the insurance market both in the Kingdom of Saudi Arabia and at the international level. There are Sharīʿah contracts that regulate the investment of Fund, distinguishing them from others. The findings also show that the Sharīʿah contracts that regulate the investment are principally legal and permissible; therefore, the problems and issues that surround such transactions have arisen from mis-implementation.

Population and life expectancy of the elderly are increasing in Malaysia, while the birth rate is declining. Increasing age results in physical and psychological changes. Life at this age can be challenging, especially from an economic standpoint. Economic protection refers to a sense of safety and protection derived from a solid income or other resources to support present and future needs. People need food, clothing, shelter, and good health to survive. In Islam, this is a basic requirement for human life. Inadequate economic protections contribute to increased poverty and affect the quality of life, contrary to the philosophy of the objectives of Islamic law, which seek to preserve its five major interests: religion, life, property, lineage, and intellect. As a holistic religion, Islam does not ignore economic protection and its role in preserving human life, including for the elderly. This chapter discusses forms of economic protection for the elderly that ensure achievement of the objectives of Islamic law.

Indonesia, in recent years, has been trying to accelerate economic development, especially in the field of infrastructure development. This effort requires enormous funding, both from abroad and domestically. To expand funding sources from within the country, the government issued Project Based Sukuk (PBS) which aims to finance infrastructure development through sharia-based financing instruments. PBS is indeed an alternative for Muslim communities who are interested in building the country's economy without being overshadowed by the element of usury. This instrument has a main contract in the form of ijarah, supporting contracts and promises (wa'd). The application of these contracts can only be said to be valid from the point of view of the Shari'ah if all the rules and conditions are fully complied with. This study tries to analyze the application of the wa'd concept in PBS, to find out whether all the rules and conditions set by Syara' have been implemented properly. Data were collected through interviews and literature review which were then analyzed using a normative approach. This study concludes that the application of the al-wa'd concept to PBS is in line with sharia principles, although there are still two issues that still need to be fixed, namely first: the problem of investor ownership of PBS assets which is only for benefits, not accompanied by ownership of the goods; both mechanisms for reselling PBS assets at a price equivalent to the nominal value of PBS, even though according to AAOIFI and Majma' al-Fiqh al-Islāmī al-Duwali sukuk assets may not be resold at a price equivalent to the nominal value of the sukuk.

Peace is an invaluable asset to ensure the prosperity and harmony of a nation. With the existence of peace, the people in a nation can carry out their respective responsibilities and roles perfectly, which consequently further enhance the nation prosperity. There are numbers of Western orientalists suggested that Islam is a religion that advocates violence. While in actuality, Islam uphold the preservation of peace and security at the utmost importance. This calls for a comprehensive argument to properly present the adherence of Islam towards maintaining harmony and prosperity. Therefore, the objective of this study is to highlight the existence of peace preservation in the Islamic concept of M aqāsid Syariah and draw the similarity on the definition of peace in M aqāsid Syariah with UN Guidelines for Sustainable Development Goals (Sustainable Development Goals). The research adopted library research methodology to accentuate the concept of peace preservation in the five elements of M aqāsid Syariah by using textual and contextual analysis on available literature pertaining the subject matter. The results show that the peace preservation of the nation is an integral piece in the concept of Maqāsid Syariah . National peace preservation is the key to maintain the five elements of M aqāsid Syariah which are religion, intellect, self, heritage and wealth. In addition, M aqāsid Syariah delineates peace keeping at the highest priority in masla ḥ ah requirement. Furthermore, Maqāsid Syariah demonstrates a compelling correlation in its definition of peace with the characteristic sustainable development goals (SDCs) outlined by the United Nations (UN). The importance of this study is to give a general guidance on preservation and maintenance of national peace according to the shariah objectives, which have a strong relationship among them.

The Indonesian government needs funds to accelerate infrastructure development. Therefore, in 2012 Indonesia issued a PBS sukuk specifically to finance infrastructure development. This research was conducted to find out how the implementation of PBS sukuk in economic development in Indonesia is seen from the perspective of Islamic economics. Data was collected using interview and documentation methods from primary and secondary sources. The results of this study indicate that the issuance of PBS sukuk from time to time has shown significant growth. This is indicated by the PBS sukuk budget which is increasing from year to year in line with the increasing investor interest in the Shari'ah concept-used instrument. PBS's increasing budget in building national infrastructure also proves that Islamic instruments have grown in the capital market. So that it will gradually reduce the concept of usury circulating in the capital market. This phenomenon also shows that the Shari'ah economy has an important role in helping the government, especially in the field of infrastructure development.

Making early planning on properties owned is indeed something that is encouraged in Islam. However, the absence of a specific guideline in the implementation of wealth planning has caused several issues. The consequences of these issues have resulted in the failure to enforce the intended wealth planning. In some cases, after being tried in court, the wealth plans have been declared as void by the court. This study, therefore, aims to suggest the appropriate parameters which may be used as the basis and guidelines by property owners, especially Muslims, in ensuring compliance of wealth planning with the correct methods and requirements of Islamic law. Generally, this study adopts a qualitative approach with content analysis to obtain the required information and data. The results of the study found that the discussion of maqāṣid al-sharīʻah involving tabarruʻ contracts by Ibn ʻĀshūr in his book Maqāṣid al-Sharīʻah al-Islāmiyyah is suitable to be used as the basis and main consideration for the formation of wealth planning parameters for Muslims. The application of wealth planning parameters based on maqāṣid al-sharīʻah may help Muslims in particular to make proper wealth planning that complies with the principles of Syariah, while at the same time realizes the wishes and expectations of the property owners therefrom.

The chapter was aimed at exploring the roles of waqf to Youth Empowerment in the educational sector in Kano state, to actualize the goal of quality education for sustainable development. It is believed that quality education is significant factor in the nation’s development, as no nation will tend to develop without the quality and affordable education imparted to its youth. Waqf institutions have played a vital role to the educational developments of many Muslim nations and Nigerian communities as well. In Kano, there are many unemployed and unemployable youth, who are roaming the streets and instigating mayhem to the fragile peace of the state and the state socioeconomic development. To ensure peace, economic, and social development of the state, more concern need to be giving to Youth Empowerment in education, trainings, skills acquisition, and abilities of the youth. The chapter addresses the issues school’s dropout, thuggery, and hawking among the youth by establishing waqf-based educational institutions for them to acquire sound and qualitative education for nations’ sustainable development. Method: Qualitative research method was adopted, whereas structured interview were conducted to ascertain the role waqf-based educational facilities as well as the philanthropic activities in ensuring qualitative education to the youth in Kano. Findings: The study found that waqf-based educational institutions and philanthropic gestures in Kano have the capacity and ability to empower the youth in education to attain the qualitative education for sustainable development. Conclusion: The study concluded that quality education is an instrument for the state socioeconomic growth for the attainment of Sustainable Development Goals.

To compete with other banks, a banking company should maintain customer satisfaction. It’s including service quality which is the most important thing to create customer satisfaction. Besides that, the completeness of the facility also affects customer satisfaction because the facility is one of physical evidence to achieve customer satisfaction. In addition to these factors, emotions could also affect customer satisfaction because emotion is an impersonal condition, covers underlying changes and behavior. Therefore companies should maintain customer emotions to have positive emotions. The approach used quantitative method and use questionnaires. Path Analysis used to analyze data with 100 respondents. From the data analysis, it can be concluded that: (1) there is an influence on the quality of service on emotions. (2) There is an effect of the completeness of facilities on emotions. (3) There is an effect of service quality on authority. (4) There is an effect of the completeness of the facilities on satisfaction. (5) Emotions influence satisfaction. (6) Emotions cannot mediate between service quality and satisfaction. (7) Emotions cannot mediate between completeness of facility and satisfaction. The services and facilities provided by the bank are good and have met the provisions of good services. However, it should continue to be improved so customers feel comfortable and satisfied and there will be a strong relationship between the bank and the customer.

PurposeOne area of concern for Islamic economics is the challenges and discrimination experienced in Muslim societies and the lower human development indices compared to the Western counterparts. It is possible that the application of the theory ofMaqāsid al Sharī’ah(TMS) could provide some insight on the problems and probably offer some support to the policymaker on the direction to take. The purpose of this paper is to apply TMS to validate the factors of human development.Design/methodology/approachThe primary data were collected using a questionnaire. The target respondents were Muslims from Nigeria. Both stratified and purposeful random sampling techniques were used to collect the data, and the analyses were done by SPSS and AMOS statistical software.FindingsIn validating factors that contribute to human development, TMS framework is used, and the model integrates five factors which are considered most likely to have influence on human development. The model proposes that individual factors such social justice and human rights have effects on the factors of human development.Originality valueThis study provides understanding on the contributing factors to the persistent challenges of human development in predominantly Muslim settings. Previous research which has applied TMS focused more on its financial relevance and has not attempted to understand the situation and proffer solution.

In this contemporary world, insurance plays a significant role in the affairs of a human being. It has become inevitable in the life of people. This study aimed at analysing the operations of Takāful (Islamic insurance) companies that are regulated by the Civil Law and finding their core regulatory issues in Sri Lanka. This study highlights the role of Sharīʻah Advisory Council in Takāful industry in Sri Lanka as this council formulates policies and guidelines, and ensures the investment and operation in line with Sharīʻah principles. The research also discusses core issues relating to Islamic insurance such as operation, investment, reporting and separation of funds. It argues that there is a need for the Muslim Leaders as well as the Sharīʻah scholars, Takāful operators and academics to be effectively involved in designing a framework for Takāful regulations in Sri Lanka. Finally, the research recommends the establishment of a regulatory council that will be responsible for the formulation of Takaful Law in that will be similar to that of the Malaysian Islamic Financial Service Act 2013 (IFSA), in Sri Lanka.

Takaful industry has experienced rapid growth and gained wider acceptance among Muslims and non-Muslims. The growth of takaful industry has contributed to economic development especially in the Islamic financial system. In general, this study discusses the perception of Muslim on family takaful scheme participation in Klang Valley, Malaysia. In particular, this study aims to identify the perception of Muslim on family takaful scheme participation, the sources that might influence the intention to participate into the scheme, the perception on the importance of Islamic element in purchasing insurance, and problems that might impede individual’s intention from participating in family takaful scheme. This study uses semi-structured interviews question to collect the data. Interview data are analyzed using thematic analysis. The result shows that Muslim perception and intention to participate in family takaful scheme is mixed. While most of the respondents agree that family takaful is a necessity, money was the main factor that impedes their intention from participating in the scheme. This study suggests the influence of media and takaful agent in enhancing Muslim awareness, knowledge and intention to participate in family takaful scheme.

Purpose The purpose of this paper is to examine the factors that influence an individual’s intention to participate in the family takaful scheme based on decomposed theory of planned behaviour (DTPB). The central hypotheses for this study are that individual’s intentions to participate in family takaful scheme are a result of attitudes towards participation in family takaful scheme, subjective norms, and perceived behavioural control (PBC). Awareness and knowledge, as well as exposure and religiosity, are integrated into the model. Design/methodology/approach Using primary data collection method, 384 questionnaires were distributed to target respondents comprising of Muslims in Klang Valley, Malaysia. The data were analysed using Statistical Package for the Social Sciences and SmartPLS. Findings The DTPB model is effective in predicting individual’s intention to participate in family takaful scheme. Out of 15 hypotheses, 12 were found to be significant. Attitudes towards participation in family takaful scheme, PBC, knowledge, and exposure have significant influences on purchase intention. However, this study found the path from religiosity, awareness, and subjective norm to intention was insignificant. Practical implications The results of this study highlight the applicability of DTPB into takaful research and suggest marketing strategies for family takaful operators. Originality/value The value of this paper lies in its presentation of a model for factors that affect individual’s intention to participate in family takaful scheme.

Perbelanjaan perkahwinan merupakan peruntukan harta yang perlu dibelanjakan sebagai persiapan untuk mendirikan rumah tangga. Ia adalah satu keperluan kepada pasangan yang akan berkahwin. Rasulullah SAW pernah membelanjakan harta untuk pembayaran mas kahwin dan penganjuran walimah sempena perkahwinan baginda. Mutakhir ini, perbelanjaan perkahwinan masyarakat tempatan dilihat semakin tinggi. Trend sambutan perkahwinan secara besar-besaran dengan pelbagai adat dan kelengkapan semasa memerlukan kepada puluhan ribu ringgit. Ia bukan sahaja semakin membebankan pasangan yang akan berkahwin, malah boleh membawa kepada budaya berhutang dan berkahwin di lewat usia. Kekurangan penerokaan terhadap corak dan gaya perbelanjaan perkahwinan Rasulullah SAW semakin meruncingkan isu ini. Masyarakat seolah-olah hanya meneruskan trend tersebut tanpa didedahkan dengan panduan dalam menguruskan perbelanjaan perkahwinan mereka. Justeru itu, artikel ini bertujuan untuk mengkaji corak perbelanjaan perkahwinan Rasulullah SAW bagi mengemukakan konsep perbelanjaan perkahwinan yang telah dibawa oleh baginda. Sebagai sebuah kajian kualitatif, kajian ini akan menggunakan kaedah analisis dokumen dengan menelusuri dan meneliti peristiwa-peristiwa berkaitan corak perbelanjaan perkahwinan daripada sumber-sumber muktamad. Hasil analisis, kajian mendapati terdapat empat konsep perbelanjaan perkahwinan yang telah dipamerkan oleh Rasulullah SAW iaitu i) perbelanjaan bermanfaat, ii) perbelanjaan mengikut tahap kemampuan, iii) perbelanjaan secara sederhana dan iv) perbelanjaan secara kerjasama. Konsep tersebut sewajarnya dijadikan panduan dan seterusnya diterapkan oleh masyarakat dalam pengurusan perbelanjaan perkahwinan mereka mengikut kesesuaian semasa.

PurposeThis paper aims to examine the basic determinant factors of human development using the theory ofMaqasid al Shari’ah(TMS). It also identifies relevant demographic variables that may likely moderate the relationship among the identified factors.Design/methodology/approachAn in-depth review of the TMS and human capital theory literature was conducted, with a specific attention on their impact to human development.FindingsThe extensive review of the relevant literature shows that human development is not only determined by education, health, income, human rights and social justice but also influenced by some demographic variables like educational attainment and gender composition.Originality/valueThis paper is a novel attempt whereby an extensive review on the factors of human development is conducted using TMS and identifying the narrowness in the existing framework. The paper will help researchers to better their understanding in this context. It will also provide the policymakers with adequate information on the important factors of human development with the aim to chart a comprehensive policy direction.

Purpose – This paper aims to address the influence of mass media (MM) and word of mouth (WOM) on subjective norm (SN) and the intentions to purchase a family takaful scheme among Muslim Malaysians. Design/methodology/approach – Data were collected from 384 Muslim consumers in Kuala Lumpur, Malaysia, using a convenience sampling approach. The hypotheses were tested by applying structural equation modelling. Findings – The results revealed that MM and WM were able to influence SN. In addition, the results also found that SN significantly influences intentions to purchase a family takaful scheme. Practical implications – By examining MM and WM on SN, the study validated the importance of both constructs in affecting consumers’ SN and purchase intention. This study would be useful for takaful operators, as the findings would help them to formulate strategies for promotional activities. Originality/value – This paper empirically justifies the relationship between MM and WM on SN and purchase intention of family takaful schemes in an integrated model.