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Article
Publication date: 23 December 2020

Mohamed Asmy Mohd Thas Thaker, Md Fouad Amin, Hassanudin Mohd Thas Thaker, Ahmad Khaliq and Anwar Allah Pitchay

The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I

Abstract

Purpose

The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I) model, which is expected to contribute to the development of micro enterprises in Malaysia.

Design/methodology/approach

This is a conceptual paper for the development of the ICWME-I model. It is purely qualitative in nature, using content analysis. It comprehensively reviews the literature related to HCD issues faced by micro enterprises and existing studies related to cash waqf (Islamic endowment) to construct the ICWME-I model.

Findings

The proposed ICWME-I model is specially designed for HCD of micro enterprises. It is an appropriate initiative to upgrade micro enterprises through HCD programmes by ensuring proper utilization of cash waqf funds to build modern training centres at subsidized costs with state-of-the-art facilities. The training centres would subsidize the participation fees of micro enterprises and provide them with facilities to undertake education and training programmes, as well as other kinds of activities for upgrading, improving and enhancing human capital capacity and skills of micro enterprises. The potential challenges of the ICWME-I model are also highlighted in this study.

Research limitations/implications

This paper attempts to construct the ICWME-I model based on an extensive review of literature related to micro enterprises, cash waqf and HCD. Among its major limitations is the fact that the ICWME-I model is not empirically validated and tested in this research. This can be carried out in future studies.

Practical implications

The present study could have an enormous impact on micro entrepreneurs via HCD programmes. The most important impact would be on government budgets, as this ICWME-I model is expected to generate its own funds from cash waqf for micro enterprises’ HCD.

Originality/value

This paper brings forward an original and viable model to develop human capital for micro enterprises development. This model involves the building of training centres using cash waqf raised from donors.

Details

ISRA International Journal of Islamic Finance, vol. 13 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Content available
Article
Publication date: 19 June 2018

Mohamed Asmy Bin Mohd Thas Thaker

This paper aims to explore the opinions and recommendations of various experts on the integrated cash waqf micro enterprise investment (ICWME-I) model, particularly in…

Abstract

Purpose

This paper aims to explore the opinions and recommendations of various experts on the integrated cash waqf micro enterprise investment (ICWME-I) model, particularly in terms of its suitability, applicability and prospects in the market.

Design/methodology/approach

The research involves primary data which are collected from semi-structured interviews conducted with experts from various backgrounds. Thematic analysis was used to examine the data.

Findings

The experts support the suitability of the ICWME-I model in providing financial services to micro enterprises. They highlight the importance of establishing, managing and operating ICWME-I model under the aegis of the State Islamic Religious Council in Malaysia or the corporate sector. They further emphasize that the characteristics of micro enterprises, the element of sustainable funding, the importance of proper management and administration, legal matters and public awareness are key factors that influence the sustainability of the ICWME-I model.

Originality/value

This paper adds to the literature on waqf and micro enterprises especially from the Malaysian context. The paper validates the ICWME-I model in terms of its suitability, applicability and prospects in the market by interviewing experts from various backgrounds.

Details

ISRA International Journal of Islamic Finance, vol. 10 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

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Article
Publication date: 5 September 2016

Mohamed Asmy Bin Mohd Thas Thaker, Mustafa Omar Mohammed, Jarita Duasa and Moha Asri Abdullah

This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model

Abstract

Purpose

This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model for micro enterprises in Malaysia.

Design/methodology/approach

The literature on the issues of accessing to finance faced by micro enterprises and cash waqf are reviewed critically and used in the attempt of proposing an alternative model.

Findings

The paper has developed ICWME-I model as a source of financing for micro enterprises. This model is expected to provide financial services by using cash waqf fund and involved the participatory contract between non-profit organization and micro enterprises. In addition, with the proposed model, there will be no collateral requirement, interest rate and other stringent requirements which usually imposed by existing conventional financial institutions.

Research limitations/implications

The paper is based on conceptual explorations of literature in the area of micro enterprises and cash waqf. This is a conceptual paper, so it did not use any empirical analysis.

Practical implications

The findings of this paper will provide micro enterprises with an alternative source of financing to start-up or expand their business by using cash waqf fund. The present study also has implications for government and policy makers. With the involvement of non-profit organization that is proposed in this model, it helps the government to reduce its expenses for the development of micro enterprises.

Originality/value

This paper offers an additional literature on cash waqf especially from the Malaysian context. Furthermore, this paper adds to the literature on waqf and cash waqf. The paper proposes a viable alternative model for micro enterprises as a source of financing by using cash waqf fund. This model incorporates Musharakah Mutanaqisah (diminishing partnership) as a financial arrangement between non-profit organization and micro enterprises.

Details

Journal of Islamic Accounting and Business Research, vol. 7 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

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Article
Publication date: 22 January 2018

Mohamed Asmy Mohd Thas Thaker, Hassanudin Mohd Thas Thaker and Anwar Allah Pitchay

Waqf institutions in many Muslim countries including in Malaysia are facing liquidity constraints in developing waqf land. This paper aims to offer a sustainable model of…

Abstract

Purpose

Waqf institutions in many Muslim countries including in Malaysia are facing liquidity constraints in developing waqf land. This paper aims to offer a sustainable model of source of financing for waqf institutions to meet their liquidity constraint in developing waqf land, which is known as the crowdfunding–waqf model (CWM). Later, CWM validated its acceptance in the field among the crowdfunders by adopting the theory of technology acceptance model (TAM).

Design/methodology/approach

The primary data are collected from the survey administered to donors or crowdfunders in Selangor, Penang, Johor and Pahang. The total number of respondents are n = 1,000. The analysis is conducted using structural equation modeling (SEM).

Findings

Based on findings, both the perceived usefulness and perceived easy to use of CWM are found to have a positive impact on the behavioral intention of crowdfunders or donors in assisting waqf institutions to develop waqf land in Malaysia. Furthermore, perceived easy to use has a positive relationship and direct effect on perceived usefulness of crowdfunders to use the CWM.

Research limitations/implications

There are some limitations of the current study. The sample size and area of study become the obvious limitations. Thus, there is a need for caution in the interpretation of the results, and the conclusion cannot be as generalized. Besides, the use of current factors might limit the ability to explore other potentially important determinants of the crowdfunders’ behavioral intention on using CWM. Thus, future research can be conducted by incorporating new factors and provide new insights for optimizing CWM. Other potential moderator variables should be included into the research model in order to obtain more robust results.

Practical implications

The findings of this paper will provide a new avenue for waqf institutions to raise funds for developing waqf land, particularly in Malaysia. The present study also has implications for the government and policymakers. Through CWM, it enables to reduce the expenses of the government for the development of waqf land. Indeed, CWM could be applied in other Muslim countries that are facing liquidity constraint in developing waqf land.

Originality/value

This paper offers an additional literature on waqf and crowdfunding, especially in the Malaysian context. The paper proposes a viable alternative model for waqf institutions as a source of financing by using crowdfunding.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 11 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

Content available
Article
Publication date: 10 July 2017

Omar Ahmad Kachkar

This paper aims to propose cash waqf (endowment) to develop a conceptual model that can be utilised to extend microfinance for refugees.

Abstract

Purpose

This paper aims to propose cash waqf (endowment) to develop a conceptual model that can be utilised to extend microfinance for refugees.

Design/methodology/approach

Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models.

Findings

Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed modelcash waqf refugee microfinance fund (CWRMF) – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation) by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model.

Practical implications

CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs) and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities.

Originality/value

Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can contribute in the improvement of socio-economic situations of millions of refugees around the world.

Details

ISRA International Journal of Islamic Finance, vol. 9 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Content available
Article
Publication date: 19 June 2018

Ashraf Md. Hashim

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 10 no. 1
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 5 July 2021

Shifa Mohd Nor, Mariani Abdul-Majid and Siti Nabihah Esrati

This study aims to explore the perceptions of zakah institutions and the intention of society towards the application of blockchain technology in zakah management.

Abstract

Purpose

This study aims to explore the perceptions of zakah institutions and the intention of society towards the application of blockchain technology in zakah management.

Design/methodology/approach

The nature of this study is qualitative, attempting to indulge into the contribution of Fintech in Islamic social finance. This study uses a mixed-method to gauge the perception of stakeholders. For the quantitative approach, a survey was carried out focussing on zakah receiver and zakah payer. The data then was analysed based on the technology acceptance model. While interview survey with multiple stakeholders (zakah institutions, JAWHAR and university) was conducted to gauge the perception of zakah institutions in using blockchain technology.

Findings

The findings of this study provide a positive view for zakah institutions to embrace the usage of blockchain in its management, however, there are several concern that needs to be addressed.

Practical implications

This study provides new insights to the body of knowledge especially in the zakah management system and Fintech. Besides, from a managerial aspect, this study contributes to the new practices that could be implemented in zakah institutions.

Social implications

Many people lose jobs and income due to the economic turmoil and COVID-19 pandemic, which makes zakah an important Islamic social finance tool to assist in socio-economic development. It is high time for zakah institutions to implement blockchain especially during this pandemic crisis that requires a more contactless approach to ensure health and safety.

Originality/value

This study is important to encourage Islamic social finance institutions to embrace blockchain technology in providing an efficient service to the development of social and economic.

Details

foresight, vol. 23 no. 5
Type: Research Article
ISSN: 1463-6689

Keywords

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