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Article
Publication date: 2 February 2024

Muhammad Ayub, Khurram Khan, Mansoor Khan and Muhammad Ismail

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in…

Abstract

Purpose

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.

Design/methodology/approach

This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.

Findings

As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.

Research limitations/implications

This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.

Practical implications

The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.

Originality/value

To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 24 January 2023

Mohammad Shahid, Yasin Ahmed Sulub, Mohammed Meeran Jasir Mohtesham and Mohammad Abdullah

This study aims to explore commonalities and differences between Islamic social finance (ISF) and sustainable development goals (SDGs).

Abstract

Purpose

This study aims to explore commonalities and differences between Islamic social finance (ISF) and sustainable development goals (SDGs).

Design/methodology/approach

The study has adopted a qualitative library-based research method, and the secondary data is collected through the available literature on the topic.

Findings

This study concludes that the majority of SDGs are compatible with ISF. Moreover, it finds that the global ISF possesses adequate financial resources to assist Muslim majority nations in achieving some of the most critical and urgent SDGs on time.

Research limitations/implications

The scope of this study is confined to examining the possible role of ISF in achieving many of the most pressing development goals aligned with the SDGs. To maintain coherence within the study’s focus, this paper makes no comparisons between the ISF and other types of endowments/charities.

Practical implications

This paper outlines an agenda for the ISF-led development strategy and makes some crucial recommendations on how the global ISF might potentially lead the charge of Islamic charities in achieving the SDGs in Muslim majority nations.

Originality/value

This paper adds original value to the available literature on the potential of ISF and SDGs in the arena of development. The paper analyses the role of ISF in achieving the SDGs.

Details

International Journal of Ethics and Systems, vol. 40 no. 2
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 14 March 2023

Muhamad Firdaus Ab Rahman, Hussein ‘Azeemi Abdullah Thaidi, Farhana Mohamad Suhaimi and Siti Farahiyah Ab Rahim

This study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and…

Abstract

Purpose

This study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and encourage new donors to establish waqf.

Design/methodology/approach

A qualitative methodology was employed to analyse the data through deductive and field research methods. For field research, this study conducted semi-structured interviews with the Waqf Corporations and Mufti's Department in the selected states within Malaysia.

Findings

Results drawn from the interview's findings are that creating family waqf in Malaysia is hindered by several obstacles, including family waqfs not serving the public interest but rather their descendants, and family waqfs have been practised in perpetuity. Besides, inefficient management of family waqf and a lack of an effective mechanism and parameter exists. Therefore, this study presented a conceptual framework for a temporary cash waqf model for family waqf along with the parameters that can be used to implement it. The temporary waqf is a strategy to develop waqf property and the interests of creators, beneficiaries and trustees. Temporary waqf merged into the family waqf yields benefits to the family waqf.

Research limitations/implications

Because of Malaysia's Waqf Regulation and Administration, this study was confined to selected states. This study has broadened the scope of temporary family waqf, including moveable, immovable property and cash waqf.

Practical implications

This study presented a temporary waqf model for family waqf as a realistic mechanism and criterion for its practical implementation in Malaysia.

Social implications

This study could encourage new donors to establish waqf.

Originality/value

This study’s novelty lies in its attempt to highlight the importance of the temporary waqf model as a practical mechanism with holistic principles for its implementation in Malaysia to benefit the donors, their families and trustees. In addition to family waqf, numerous temporary waqfs may be established, in which the income or usufruct is shared proportionally, such as charitable waqf (waqf khairi), private waqf (waqf khas) and joint waqf (waqf mushtarak).

Details

Journal of Islamic Accounting and Business Research, vol. 15 no. 1
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 7 November 2023

Musa Abdu, Abdullahi Abubakar Lamido and Adamu Jibir

The literature about the dynamics of Muslims' awareness and perception of waqf has been generally scarce,especially in Nigeria. As renewed efforts are emerging to develop a new…

589

Abstract

Purpose

The literature about the dynamics of Muslims' awareness and perception of waqf has been generally scarce,especially in Nigeria. As renewed efforts are emerging to develop a new waqf regime in the country, this study examines this aspect in Gombe metropolis, Nigeria, with a view to identifying the key factors shaping people's perception and awareness towards waqf.

Design/methodology/approach

To achieve the objective of this study, primary data were collected through a survey among 494 business owners in the Gombe metropolis. The data were then analysed using probit and Tobit regression models.

Findings

The study found that altruistic behaviour, religiosity level, educational level and young age are among the factors that determine people's perception and awareness towards donating to waqf among business owners in Gombe. Altruism and young age embolden businesspersons to recognise the effectiveness of waqf institutions in solving socioeconomic challenges.

Practical implications

The findings of this study imply that waqf has huge potential in the study area and that with well-structured, organized waqf education programmes within the business community using diverse avenues, a robust waqf sector can be developed.

Originality/value

As far as the study area and the entire Nigerian Islamic economics and finance landscape is concerned, the study has explored a novel research area. Given the infant stage of empirical studies on waqf in Nigeria, there are virtually no previous attempts to examine the awareness and perception of businesspersons towards waqf; variables that are key to the development of an effective sector.

Details

Islamic Economic Studies, vol. 31 no. 1/2
Type: Research Article
ISSN: 1319-1616

Keywords

Article
Publication date: 19 December 2023

Afaf Akhter, Mohd Yousuf Javed and Javaid Akhter

This study aims to present a bibliometric analysis of Islamic social finance (ISF) by addressing gaps in the existing research, exploring the current trends of publications and…

Abstract

Purpose

This study aims to present a bibliometric analysis of Islamic social finance (ISF) by addressing gaps in the existing research, exploring the current trends of publications and determining possible future research directions in this field.

Design/methodology/approach

Relevant bibliometric data of published research during 1914–2022 was extracted from the Scopus database and 1,355 studies were considered for the analysis. Biblioshiny app from RStudio, VOSviewer and Microsoft Excel were the tools used for analysis.

Findings

The identified current research streams are management and distribution of ISF funds especially zakat through fintech; governance and accountability of ISF institutions; Islamic microfinance for poverty alleviation and financial inclusion; ISF for promoting sustainable development and achieving United Nations sustainable development goals; waqf endowments and cash waqf; and Islamic charities. The identified themes for future research directions are Islamic fintech, integration of ISF, sustainable development, economic recovery, social entrepreneurship, sustainable ISF ecosystem and supporting refugees.

Practical implications

It provides extensive and up-to-date literature on the current trends in ISF and future research themes which can be useful for researchers, professionals and policymakers in the field.

Social implications

The findings of this research contribute to the solutions to socio-economic challenges and support sustainable development through ISF.

Originality/value

To the best of the authors’ knowledge, this research is one of the first attempt to provide a pervasive bibliometric review on ISF by including various aspects of ISF and extending the study period to more than 100 years.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 19 February 2024

Hanudin Amin, Faizah Panggi, Imran Mehboob Shaikh and Muhamad Abduh

The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.

Abstract

Purpose

The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.

Design/methodology/approach

Using a maqāṣid approach, this study’s data were drawn from 286 valid usable questionnaires to examine the effects of consumer, family, ummah and humanity factors on the preference.

Findings

The study found that the said factors sourced from Attia’s maqāṣid al-Shariah were instrumental in determining waqif preference to donate in waqf-based qardhul hassan financing.

Research limitations/implications

Like others, this study’s findings are limited in terms of their generalisations and applications. The theory, context and variables used should be expanded in future works.

Practical implications

The results obtained are useful as a yardstick to enable the offered waqf-based qardhul hassan financing for improved mutual well-being among different classes of the wealth of societal groups in Malaysia. Furthermore, the results provide valuable insights into the direction for practitioners mainly managers involved in introducing waqf-based qardhul hassan financing as a new Islamic social financial instrument for poor and needy folks, at best.

Originality/value

This study is novel in terms of the proposed conceptual framework, where the waqif perspective comes into play.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 11 April 2023

Md. Habibur Rahman and N.M. Shafiul Islam Chowdhury

This study aims to explore the prospects of istijrar financing in the Islamic banking of Bangladesh. Istijrar is a supply sale contract that facilitates recurrent transactions…

Abstract

Purpose

This study aims to explore the prospects of istijrar financing in the Islamic banking of Bangladesh. Istijrar is a supply sale contract that facilitates recurrent transactions under a master agreement without needing a deal-to-deal agreement. Murabahah financing in Bangladesh is being criticized for Shari’ah violations, which can be minimized if istijrar financing is integrated and applied.

Design/methodology/approach

The study uses a qualitative approach, primarily using a semistructured interview method to collect the primary data. The study conducted 13 one-to-one interviews with leading Islamic banking experts in the country, including Shari’ah scholars, Islamic bankers and regulators. Besides, the study consults with classical and contemporary fiqhi sources to realize the status of istijrar sale in Islamic law. Thematic analysis is performed to explore the qualitative data.

Findings

The study finds that istijrar financing has great prospects in the Islamic banking of Bangladesh. Istijrar is applicable in consumer financing and can be offered as an alternative or supplement to murabahah. Also, postimport murabahah financing can be structured with istijrar, while it can also be used in export financing. Besides, a few challenges should be dealt with before offering istijrar, such as proper structure, lack of literacy, stakeholders’ awareness, Shari’ah and regulatory approval and alignment with the law of the land.

Practical implications

Murabahah financing is dominant on the asset side of Islamic banks’ balance sheets in Bangladesh. Murabahah practice in Bangladesh is frequently criticized for some possible Shari’ah violations. Also, more documents are needed for each murabahah operation, which eventually accelerates the costs. Applying istijrar would minimize these issues as it does not require a new contract for each deal. Multiple supplies can be done under a single agreement. Besides, istijrar reduces documentation hassle and transaction costs. Istijrar would be an easy practice and benefit the bank and its clients.

Originality/value

This study contributes to the body of knowledge and the Islamic banking industry. The existing studies have not adequately addressed the potential of istijrar in Islamic banking. In addition, this study will be an eye-opener for Islamic bankers to develop new products with istijrar.

Details

Qualitative Research in Financial Markets, vol. 16 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 25 January 2023

Ram Al Jaffri Saad, Aidi Ahmi, Norfaiezah Sawandi and Norazita Marina Abdul Aziz

This study aims to identify the inputs from zakat administrators and experts needed for more efficient and effective zakat revenue generation.

Abstract

Purpose

This study aims to identify the inputs from zakat administrators and experts needed for more efficient and effective zakat revenue generation.

Design/methodology/approach

Face-to-face interviews with zakat executives, administrators and experts are conducted to collect data.

Findings

The findings show three components of input required in the zakat transformation: environment, resources and history. The environmental component comprises five sub-components: companies, banks, zakat recipients, individual zakat payers and the legislative, while the resource sub-components comprise tangible and intangible resources. For history, two components, namely, achievements and challenges, need to be taken into account by the zakat administration.

Research limitations/implications

This study’s main implication is that the components proposed in this study can serve as the basis for developing new strategies for improving zakat collection and distribution management to achieve a more efficient and effective level.

Practical implications

This study will be helpful for policymakers, especially zakat authorities, on how to enhance their administration.

Originality/value

The model developed in this study will help the zakat administration to reform and enhance zakat compliance and zakat revenue generation.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 8
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 7 November 2023

Asmaa Bouaamri and Ágnes Hajdu Barat

This article discusses the public library system in Morocco, compiling the available information tackling the historical background of public libraries and their early work and…

Abstract

Purpose

This article discusses the public library system in Morocco, compiling the available information tackling the historical background of public libraries and their early work and the system that has been adopted during and after colonial periods. The main purpose of the study is to shed light on the present situation of the public library system in Morocco and also to further identify some of the recurrent issues in the public library system in Morocco.

Design/methodology/approach

The authors relied on a literature review as a theoretical reference in order to study and extract the available studies done previously on the Moroccan system for public libraries.

Findings

Public libraries in Morocco face various issues such as lack of available data and research, lack of appropriate funds, education in the field of library and information sciences, low rate of reading culture within the country and the high rate of illiteracy, all of which obstruct the development of Moroccan librarianship. There is a necessary reform need and action in order to help in the development of libraries in the country.

Originality/value

This paper is the first paper that discussed the state of public libraries in Morocco and that draws and highlights the importance of public libraries in relation with the country's development.

Details

Library Management, vol. 45 no. 1/2
Type: Research Article
ISSN: 0143-5124

Keywords

Article
Publication date: 17 November 2023

Rindawati Maulina, Wawan Dhewanto and Taufik Faturohman

This paper aims to investigate the behaviour determinants towards cash waqf for productive purposes between two different classes of Muslims: the upper-middle class and the…

Abstract

Purpose

This paper aims to investigate the behaviour determinants towards cash waqf for productive purposes between two different classes of Muslims: the upper-middle class and the lower-middle class.

Design/methodology/approach

Under the Theory of Planned Behavior framework, this study modified previous literature to investigate the determinants of two Muslim classes’ behaviour towards cash waqf for productive purposes. A structural equation model was applied to test the hypothesis, and an in-depth interview was conducted to explain the findings further.

Findings

The behaviour of participating in cash waqf for productive purposes differs between the two Muslim segments. Upper-middle-class Muslims’ intentions will not necessarily consider subjective norms, even though they will consider religiosity as their deciding factor. Meanwhile, this study found different results on the influence of attitude, religiosity and subjective norms to intention in the lower-middle-income group. Other attributes such as perceived behaviour control, knowledge, trust and perceived benefits show positive and significant effects on the intention for both income classes of Muslims.

Research limitations/implications

The current findings may not accurately reflect ideal conditions due to the low level of waqf literacy and actual participation of Muslims in cash waqf for productive purposes. Researchers can conduct further studies based on other criteria, such as gender, age, education level or area of residence, using experimental or simulation methods to complement the research.

Practical implications

This study’s findings can support policymakers and related waqf stakeholders to set strategies for cash waqf literacy and participation by providing more detailed information about the differences in Muslims characteristics based on the income classes.

Originality/value

This study specifically modifies the behavioural framework to investigate differences in the behaviour of two classes of Muslims towards their participation in cash waqf for productive purposes in Indonesia.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

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