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This study aims to assess enterprise risk management (ERM) practices in waqf institutions (WIs) along with their strengths and weaknesses; highlight ERM trends in WIs; and determine the best ERM practices for these institutions.

Data were collected via structured interviews with nine WI managers in Malaysia. A standardised questionnaire was adopted for the interviews, which focussed on ERM implementation in WIs. The collected data were analysed in three steps, namely, data reduction, data display and verification/conclusion. The frequency distribution of these data were then illustrated and the mean values and differences of the studied groups/variables were examined.

WIs have a sub-optimal ERM implementation, whose aspects need to be improved over time. These institutions have focussed on their ERM practices at the strategic level yet ignored those at the operational level. Specifically, WI officers have well-defined internal environments and objectives, but risk monitoring, which ensures effective implementation of ERM, is lacking. The presence of risk management committees and units may be linked with the successful implementation of ERM. However, ERM knowledge and top management support do not show clearly associations with ERM implementation. WIs should focus on improving their ERM implementation governance.

Findings underscore the need for WIs to launch a formal ERM programme and for relevant stakeholders to create the appropriate infrastructures that support ERM implementation, including amended rules, ERM policies and allocated funds for training and education, to promote ERM implementation knowledge and awareness. The successful implementation of ERM not only improves the service quality, sustainability and performance of WIs but also promotes the national waqf agenda as a key economic driver.

ERM in non-profit organisations, such as WIs, has received limited research attention relative to that in profit-driven organisations despite having unique risks. To the best of the knowledge, this study is the first to identify those trends that explain ERM practices and to determine the ERM best practices of WIs.

Participation in micro-family takāful plans amongst low-income earners remains low despite the various initiatives promoted by the Malaysian Government. Therefore, this study aims to conduct an in-depth examination on the indicators of having micro-takaful tafakul in Malaysia.

Questionnaires were distributed to respondents residing in Selangor, the state with the highest recorded percentage of low-income earners in Malaysia. Regression analysis was conducted in this study. Demographic characteristics and knowledge were treated as the independent variables, whereas the tendency of having a micro-family takāful plan was considered the dependent variable.

Gender and knowledge on the benefits of micro-family takāful plans have significant and positive effects on the tendency of having a micro-family takāful plan. Married and employed women are more likely to own a micro-family takāful plan compared with their male counterparts.

This study contributes to the growing literature on the research of micro-takāful determinants in Malaysia.

Industry players and regulators need to tailor the operating and marketing strategies of micro-family takāful plans based on the gender and knowledge of potential participants. The industry may also improve the features of takāful plans to ensure that they are even more attractive and comprehensive.

This study offers a much deeper analysis compared with past research owing to the identified dimensions of a demographic factor that can influence the tendency of having micro-family takāful plans. Besides, this study offers a comprehensive measurement of the knowledge on micro-family takāful plans by considering all aspects (i.e. concept, importance and benefit) of these plans. Moreover, this study examines the influence of each element of knowledge on the tendency of having a micro-family takāful plans, a topic that was rarely studied in the past.