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Takaful is a financial planning tool that can be used as an alternative for conventional insurance. Generally, takaful products are divided into general Takaful and family takaful. A feature of the General Takaful is that it has a short-term policy and that its liabilities coverage is limited to material losses only. On the other hand, family takaful is a long-term policy that includes savings and an investing component. Although the tabarru' fund protects them, the participants can also benefit from the investment returns and savings generated by Shariah-compliant assets. The primary objective of this article is to identify the many types of risks that Family Takaful operators in Malaysia are exposed to and their methods of dealing with and managing these risks. This article is based on a method of library research. In addition, the article highlights the difficulties that Family Takaful operators in Malaysia are confronted with. The hazards associated with running a family takaful business are usually related to operations and investment. Non-compliance risk with Shariah laws, underwriting risk, human resource risks, and fiduciary risks are all risks that exist on the operational side of the business. These risks might occur at any point during the business process. The takaful operator may encounter market, credit, liquidity concerns, and other risks commonly associated with investment on the investment side of the equation. In addition, the researcher offered suggestions on how to mitigate these dangers. [ABSTRACT FROM AUTHOR]

Islamic microfinance institutions (IMFIs) have had their roots in India originating as far back as 1918. It is founded on the principle which prohibits interest and hence is a form of non-interest microfinance to the poor. It also provides micro-credit services through Shari’ah compliant structures to small dealers and traders who have limited to no access to the formal financial services. Islamic microfinance offers a more sustainable and successful microfinance which not only creates financing but also blends in empathy for the poorest of the poor. In the Islamic perspective, poverty alleviation is more comprehensive than the conventional one. It flags equity and cooperation-based models in contrast to models that create and perpetuate debt. However, the past of IMFIs in India depicts an unfortunate tale. The IMFIs established during the eighties, rose and matured quickly. Nevertheless, over the course of time they encountered numerous hurdles that lead to their closure in many places. Therefore, it becomes vital to study the factors that caused the IMFIs downfall in India. The objective of this research is to know the challenges of Islamic microfinance in India and give suggestions and possible solutions to resolving the issues. This study adopts the quantitative approach. In this research the population is known and hence probability sampling or random sampling is selected. The data gathered from the303 responses received is analyzed using SPSS22 software. The findings of this research show that the majority agrees that there is lack of government support, no proper marketing of Islamic microfinance products, no effective Islamic microfinance products in India, lack of human capital in microfinance, high interest rates that make the poor financially unstable and lack of microfinance institutes in rural areas. This study offers robust recommendations on the challenges of Islamic microfinance in India and henceforth, it will be of interest to regulators, stakeholders, as well as the existing and potential customers. [ABSTRACT FROM AUTHOR]

The prosperity of any given commercial enterprise is directly proportional to the level of contentment experienced by its clientele. Customers are always "first" on the priority list, followed by profits, whenever a new enterprise is launched. Those businesses will continue to hold the leading position in the market if they completely satisfy their patrons' needs. The modern business enterprise is well aware that the level of satisfaction experienced by customers is the most critical factor in determining the company's success and that it also plays an essential part in increasing the value of the market. The primary objective of this research is to investigate the factors that influence the level of customer satisfaction within the mobile telecommunications sector in Malaysia. This study will investigate the various factors, such as price, service quality, and brand image, that influence or have the potential to influence the level of satisfaction experienced by consumers. The descriptive analysis is adopted. The study participants were mobile telecommunication company customers in various age brackets. The information for this study was obtained through a method known as "simple random sampling." The data were analyzed using "Explanatory Factor Analysis (EFA)" and "Multiple Regression Analysis (MRA)." 'The Satisfaction of the customers, 'Price,' and 'Quality of mobile services have a significant 'Overall impact on customer satisfaction.' However, for the variable - 'Brand Image' with a p-value above 0.05. Hence it has no significant impact on the overall effect of customer satisfaction. Keywords: Telecommunication, Brand Image, Price, Quality, and Malaysia. [ABSTRACT FROM AUTHOR]

Objective - Since Islam, Waqf, known as the Islamic endowment, has played a significant role in reforming and developing the economy. Like zakat (compulsory charity) and sadaqah (optional charity), Waqf has also been considered an essential means of poverty alleviation and upliftment. In Malaysia, each state's jurisdiction, called the State Islamic Religious Council (SIRCs), supervises waqf properties' governance. However, recently, it has been reported that the SIRC responsible for managing waqf properties has been unable to manage and operate effectively. To devise a well-designed strategy that can strengthen governance within the waqf institutions. Moreover, restoring Waqf as a mechanism for socio-economic development may be necessary for waqf institutions to develop their formal governance framework. Therefore, this paper aims to conduct a qualitative study of current Shariah governance practices in Waqf institutions at Majlis Agama Islam Melaka (MAIM). Methodology - The qualitative research method was used for this investigation. The interviewees are chosen using a selection process that is a hybrid of convenience sampling and purposeful sampling. Both content and descriptive analysis were utilized in analyzing the outcomes of the interviews. To obtain information on waqf governance in MAIM, an interview was conducted with various officers from the organization. A total of six experts in the field of Waqf from MAIM participated in this study and were interviewed for this research. Findings -The current practices of Shari'ah Governance in Waqf Institution in Majlis Agama Islam Melaka (MAIM) have been examined through interviews and brochures from interviewees. Several gaps were found in the organization's structure; Board of Directors, Shariah Committee, Shariah Audit, Shariah Review, and Shariah Risk Management. Based on findings extracted from the analysis, researchers provide several recommendations. Novelty -This study is unique because there was no study conducted on the current practices of Shari'ah Governance in Waqf Institution in Majlis Agama Islam Melaka (MAIM). The officers and board of directors will benefit significantly from this research in both an educational and a guiding capacity. [ABSTRACT FROM AUTHOR]

Takaful is a financial planning tool that can be used as an alternative for conventional insurance. Generally, takaful products are divided into general Takaful and family takaful. A feature of the General Takaful is that it has a shortterm policy and that its liabilities coverage is limited to material losses only. On the other hand, family takaful is a long-term policy that includes savings and an investing component. Although the tabarru' fund protects them, the participants can also benefit from the investment returns and savings generated by Shariahcompliant assets. The primary objective of this article is to identify the many types of risks that Family Takaful operators in Malaysia are exposed to and their methods of dealing with and managing these risks. This article is based on a method of library research. In addition, the article highlights the difficulties that Family Takaful operators in Malaysia are confronted with. The hazards associated with running a family takaful business are usually related to operations and investment. Non-compliance risk with Shariah laws, underwriting risk, human resource risks, and fiduciary risks are all risks that exist on the operational side of the business. These risks might occur at any point during the business process. The takaful operator may encounter market, credit, liquidity concerns, and other risks commonly associated with investment on the investment side of the equation. In addition, the researcher offered suggestions on how to mitigate these dangers. [ABSTRACT FROM AUTHOR]

Takaful company was initially established in Malaysia in the 1990s. The Malaysian Takaful (Islamic insurance) sector has grown significantly in recent decades, with fifteen Takaful companies operating in the country, including general and family Takaful. According to the Malaysian Takaful Association, 2020, the Malaysian Takaful industry witnessed exponential growth with general Takaful business has registered Gross Written Contributions of RM 3.46 billion, an increase of 4.4% over the same period in 2019; and the Family Takaful business has registered RM6.59 billion new business gross contributions in 2020, an increase of 7.0% compared to RM 6.16 billion in 2019. On the other hand, Islamic insurance has a lower penetration rate than conventional insurance, still lacking. There have been studies conducted to determine the reasons, however to the best of academics' knowledge; there is still a gap in understanding why Malaysian youth are not embracing the Takaful policy. As a result, this study aims to determine the causes for this and promote Takaful among Malaysian youngsters. The sample for this study comprises 53 Malaysian youth who were recruited from various sources. The data for this study is gathered through a random sample. This study employed descriptive statistics and correlation coefficients for statistical analysis. Religion, social status, product features, marketing, agent characteristics, and service quality, availability, and transparency determine the success of Takaful's adoption. However, the vast majority of respondents are unfamiliar with the Takaful concept, as well as its awareness and coverage. It is anticipated that this research will be eye-opening for regulatory organizations, Takaful companies, academics, and students to come out with strategies to attract youths to subscribe to takaful policy. [ABSTRACT FROM AUTHOR]

Islamic insurance has a more value-added substance than conventional insurance, and it is the ultimate solution for anyone seeking financial protection for their potential misfortune. However, the penetration ratio has been low even in Muslim majority countries, including Malaysia. While some existing studies examined the factors that contribute to improving the penetration rate, almost no studies examined satisfaction as the primary target. This study conducted a questionnaire for both Muslims and non-Muslims in Malaysia to investigate the factors that determine the satisfaction of the conventional and Islamic insurances. The Snowball sampling method was used, and 396 responses were obtained from Muslim and non-Muslim insurance policyholders in Selangor and Kuala Lumpur. The extended version of the Customer Satisfaction (CS) analysis was developed and applied to the Malaysian insurance policyholders’ data. There are three main results in this study. First, the factors that determine both Muslims’ and non-Muslims’ satisfaction with insurance were different. Second, while non-Muslims in Malaysia were satisfied with both the conventional and Islamic insurances, Muslims were more confident with the Islamic insurance than conventional ones. Furthermore, the current Islamic insurance would be accepted with higher satisfaction by non-Muslims than Muslims. Third, the extended CS analysis successfully detected factors that determined satisfaction for both the conventional and Islamic insurances, suggesting the extended CS analysis was effective. [ABSTRACT FROM AUTHOR]

The inception and rapid growth of the Takaful industry in Malaysia during the 1980s was driven by Muslim communities' dire need to have a Shariah-compliant alternate for existing conventional insurance. It was also to assist the operations of the Islamic Banks established in 1983. The need for Takaful was heightened when the Malaysian National Fatwa Committee ruled that conventional life insurance is against Shariah principles as it entails elements of uncertainty, interest, and gambling. The government in 1982 set up a Special Task Force to study the feasibility of establishing Islamic insurance in Malaysia. Based on the results, a Takaful Act was passed in 1984. And in November 1984, Malaysia incorporated its first takaful operator. Using the library research method, the study looks into the Malaysian takaful industry to examine its overall development. The results show that the industry has been rapidly growing. The number of players multiplied significantly. And an industry that once had only one operator has become an integral part of the financial system. Bank Negara Malaysia's continuous efforts and the takaful operators in developing a dynamic, resilient, and efficient takaful industry have successfully brought the industry to where it stands today. [ABSTRACT FROM AUTHOR]

Takaful is appreciable around the world without any doubt. It is based on cooperation and donation. The concept of Takaful is desirable to everyone in both Muslim and Non-Muslim countries. Similar to insurance, Takaful can provide the same benefit, coverage, and protection to the participants. Further it has an additional unique feature, i.e. its compliant nature with Islamic principles. Hence, Islamic Insurance (Takaful) business has enormously grown; nevertheless, there are still complications, difficulties, and questions that impede the expansion and extension of the Takaful industry. Penetration rate of Takaful is not as good as it is supposed to be even in Muslim majority countries. Therefore, the objective of this study is to investigate the factors that promote participation in Islamic insurance with insurance policyholders in Malaysia as an example. Both logit and probit models are applied to Muslims and non-Muslims' data supposing two situations: one is the adoption to Islamic insurance and the other is the shift from conventional to Islamic insurance. The estimation results show that factors that affect the adoption and shift to Takaful are different among Muslims and non-Muslims, implying different strategies are required for effective promotion of adoption and shifting to Islamic insurance in Malaysia. The Malaysian government and Islamic insurance operators are keen to develop Islamic insurance and they are more concerned about the penetration of Islamic insurance. Thus, this research might be of interest to regulators, Takaful operators, insurance operators, and other concerned bodies. [ABSTRACT FROM AUTHOR]

Islamic microfinance institutions (IMFIs) have had their roots in India originating as far back as 1918. It is founded on the principle which prohibits interest and hence is a form of non-interest microfinance to the poor. It also provides micro-credit services through Shari'ah compliant structures to small dealers and traders who have limited to no access to the formal financial services. Islamic microfinance offers a more sustainable and successful microfinance which not only creates financing but also blends in empathy for the poorest of the poor. In the Islamic perspective, poverty alleviation is more comprehensive than the conventional one. It flags equity and cooperation-based models in contrast to models that create and perpetuate debt. However, the past of IMFIs in India depicts an unfortunate tale. The IMFIs established during the eighties, rose and matured quickly. Nevertheless, over the course of time they encountered numerous hurdles that lead to their closure in many places. Therefore, it becomes vital to study the factors that caused the IMFIs downfall in India. The objective of this research is to know the challenges of Islamic microfinance in India and give suggestions and possible solutions to resolving the issues. This study adopts the quantitative approach. In this research the population is known and hence probability sampling or random sampling is selected. The data gathered from the 303 responses received is analyzed using SPSS22 software. The findings of this research show that the majority agrees that there is lack of government support, no proper marketing of Islamic microfinance products, no effective Islamic microfinance products in India, lack of human capital in microfinance, high interest rates that make the poor financially unstable and lack of microfinance institutes in rural areas. This study offers robust recommendations on the challenges of Islamic microfinance in India and henceforth, it will be of interest to regulators, stakeholders, as well as the existing and potential customers. [ABSTRACT FROM AUTHOR]

Takāful (Islamic insurance) has been introduced as an alternative to conventional insurance in order to avoid interest, uncertainty, gambling and investment in Sharīʽah non-complaint elements. These elements are prohibited in Sharīʽah (Islamic law) based on their unethicality. Takāful, on the other hand, is based on the concepts of solidarity, brotherhood, and mutual cooperation. It is an ethical product not meant for any religious group or community. Participating in takāful means helping oneself and other fellow human beings in case of financial loss due to misfortune. Participation in takāful can promote a caring and sharing community. The objective of this research is to explore the perceptions of Islamic finance experts towards the issues of unethicality inherent to insurance in India. A combination of convenient sampling and purposive sampling method is employed for choosing the Islamic finance experts as the interviewees. Interview method is used to assemble the major findings for this research. The total of eighteen interviews have been coordinated and all of them are male. The interview results from the Islamic finance experts reveal that the current insurance practices involve Sharīʽah non-compliant activities and unethical business practices, mainly due to interest, uncertainty, gambling and investment in Sharīʽah non-complaint business activities. Based on their opinion, the undesirable issues can be resolved if takāful is offered and the operators abide by the Sharīʽah requirements. By cause of its great advantages, Takāful is not solely for the Muslims In addition to offering the guarantee and security that conventional insurance does, takāful contains an added feature particularly the fact that takāful is free from uncertainty, usury, and gambling. This research focuses on how unethical issues in insurance can be resolved by introducing takāful in India. Thus, the findings of this research contribute to the existing literature, insurance operators and regulators. [ABSTRACT FROM AUTHOR]

Purpose This research investigates the prospects of Shari'ah mutual funds in India. India is among the fastest emerging destinations for investment. It has the second highest Muslim population in the world with 180 million representing some 14.4% of India's total population. Having a huge potential and strong regulatory infrastructure, India has the ability to become a hub for Shari'ah compliant funds. In this regard, the Securities Exchange Board of India has thus far approved two Shari'ah mutual funds in India. Methodology It adopts a qualitative methodology wherein primary data is sourced through interviews. In addition, purposive, and judgemental sampling methods are employed and the findings are analysed based on thematic analysis. It has been conducted by personal interviews and e-interviews. In total 9 interviews have been conducted of which 4 from mutual funds companies and 5 from Shari'ah finance experts are analysed in this research. Findings The findings highlight that Shari'ah mutual funds can play a big role in economic reform and development by including Muslims and other communities into the financial institutions of India. When accompanied with a framework for Shari'ah governance, such investments will enjoy enhanced transparency and accountability. Further, the findings show that training, education, and awareness programmes are crucial to increase the confidence in and demand for Shari'ah mutual funds. The nature of Shari'ah investments limiting to areas that are not socially and ethically destructive render it a morally upright and socially responsible investment channel suitable to all religions. Research Limitations This research does not cover all Islamic finance experts and mutual fund companies of India. Due to time and other constraints, the researcher managed to interview five Islamic finance experts. Similarly, the researcher approached ten mutual fund companies located in Hyderabad and succeeded in interviewing four mutual fund companies as most of the mutual fund companies did not respond. Practical Implications This study is new in the context of India and is relevant to regulators and mutual fund companies towards establishing more Shari'ah compliant mutual funds and to serve as a guide for the future direction of the Shari'ah mutual fund industry of India. Originality Value Most of prior research focuses on the conventional mutual funds. As per the researchers' knowledge, no study has been done on the prospects of Shari'ah mutual funds in India. This raises the high demand for various new funds to be launched according to Shari'ah guidelines. This research focuses on prospects of Shari'ah mutual funds in India. Thus, the findings of this research contribute to the existing literature. [ABSTRACT FROM AUTHOR]