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Takaful waqf is one of the collection methods to increase the amount of cash waqf in Malaysia. Meanwhile, a takaful plan is an economic mechanism that has been proven to minimize the financial risk of takaful participants. However, the ability of the takaful plan to increase the waqf collection through takaful waqf remains questionable. Therefore, this study aims to predict the potential of takaful waqf objectively and calculate the probability of the potential accessibility of takaful waqf plans in increasing the collection of cash waqf funds. This study uses secondary data obtained from the Department of Statistics Malaysia, Syarikat Takful Ikhlas, Malaysian Takaful Association and Bank Negara Malaysia. The potential of takaful waqf is calculated based on several models with certain assumptions using stochastic values through the Monte Carlo Simulation Method. This study proves that takaful operators can employ two models to increase cash waqf collection through takaful waqf. The first model assumes waqf collection is subject to the death of a motor takaful participant. If the entire motor takaful operators participate, the potential collection could reach up to RM1 million. At 90% accessibility, this model predicts a cash waqf collection of RM907,000. Meanwhile, the second model which presumes that waqf benefits are obtained from a 1-3% deduction from the takaful contribution of each participant and enrollment from all motor takaful operators provides much better potential. This model estimates cash waqf collection up to RM83 million and at 90% accessibility this model predicts cash waqf collection of RM41 million. The results of this study could assist the waqf and takaful authorities in formulating more objective strategic plans to ensure the sustainability and continuity of the takaful waqf plan. [ABSTRACT FROM AUTHOR]

Mamdani fuzzy inference system has been widely used for potential risk modelling and management. The decision-making is usually provided by multiple experts in the field. The conflicting information in sources from different experts become an open issue and has attracted some researchers to investigate further. Various risk factors in a project caused difficulties for decision makers to make reliable decisions on the whole project since it involves ambiguities, vagueness, and fuzziness. The introduction of the fuzzy inference system to the evaluation of construction risk is capable in explaining its reasoning process and, hence, overcoming such problems. Risk factors under the project management risk were identified through literature sources and from the opinion of experts. It is found that the likelihood and severity of risk is somehow interlinked with the concept of fuzzy theory. For model input and output linguistics variables, the triangular membership function was selected. The methodology employs a fuzzy aggregation system in which an appropriate control action can be determined by the acquisition of expert judgment. A total of 23 rules with logical OR operator, truncation implication, and Mean of Maxima (MoM) method for defuzzification were used to create an effective fuzzy model intended for making decisions. The framework determines the relationship between input and output parameters in if-then rules or mathematical functions using an effective fuzzy arithmetic operator. The study addresses the principle issues of multiexpert opinions based on Mamdani-type decision system and the illustrative example taken from one of medium-sized project held in Malaysia's construction industry. By comparing with other experimental results, we verify the rationality and reliability of the proposed method. [ABSTRACT FROM AUTHOR]

Mamdani fuzzy inference system has been widely used for potential risk modelling and management. The decision-making is usually provided by multiple experts in the field. The conflicting information in sources from different experts become an open issue and has attracted some researchers to investigate further. Various risk factors in a project caused difficulties for decision makers to make reliable decisions on the whole project since it involves ambiguities, vagueness, and fuzziness. The introduction of the fuzzy inference system to the evaluation of construction risk is capable in explaining its reasoning process and, hence, overcoming such problems. Risk factors under the project management risk were identified through literature sources and from the opinion of experts. It is found that the likelihood and severity of risk is somehow interlinked with the concept of fuzzy theory. For model input and output linguistics variables, the triangular membership function was selected. The methodology employs a fuzzy aggregation system in which an appropriate control action can be determined by the acquisition of expert judgment. A total of 23 rules with logical OR operator, truncation implication, and Mean of Maxima (MoM) method for defuzzification were used to create an effective fuzzy model intended for making decisions. The framework determines the relationship between input and output parameters in if-then rules or mathematical functions using an effective fuzzy arithmetic operator. The study addresses the principle issues of multiexpert opinions based on Mamdani-type decision system and the illustrative example taken from one of medium-sized project held in Malaysia's construction industry. By comparing with other experimental results, we verify the rationality and reliability of the proposed method. [ABSTRACT FROM AUTHOR]

The integration of economic and social objectives is essential for Islamic bank to stimulate economic growth through the effective management and allocation of wealth and resources. This article proposes a hybrid mathematical optimization between the analytic hierarchy process (AHP) and multi-choice goal programming (MCGP) methods. The hybrid methods make the amalgamation of economic and social objectives possible in the multi-objective model of Islamic banking. The AHP method is used to determine the priorities or weights on each of the economic and social objectives. MCGP on the other hand, serves as an optimizer to the Multi-objective Decision Making (MODM) model that fits the priorities to the objectives and possible target goals. Results confirmed on the practicality and flexibility of the hybrid AHP-MCGP model which enable Islamic banks to better utilize their financial resources based on the priorities and multiple target goals. The feasible achievement of multi-objective with an interval target goal has offered the avenue for the decision makers at Islamic bank to satisfy economic and social goals simultaneously. [ABSTRACT FROM AUTHOR]