Islam propagates the spending of ones wealth in the way of Allah and promises multifold reward in return such as waqf. Waqf have a potential to become one of the important mechanisms regarding the socioeconomics realms in Muslim societies that will benefit the communities as a whole. The landscape for the development of waqf has changed and one of the waqf innovations that attract the world’s attention is corporate waqf that was introduced by Johor Corporation Berhad (JCorp). This study examines the influence of corporate waqf activities by subsidiaries of JCorp in enhancing the company performance as one of the element of return from waqf activities. The methodology used is through an analysis of the financial ratio to evaluate the financial condition and performance of subsidiaries companies that contribute to corporate waqf activities. No doubt, in today’s financial world, ratio analysis is a very vital tool in identifying the financial soundness and cost effectiveness of the company by establishing relationship between the items of balance sheet and profit and loss account. The study accomplished that the Jcorp subsidiaries, which involves in corporate waqf activities are financially sound, where profits and returns generated are satisfactorily, which can attract other conglomerates to participate.

Education has been part of the human society from the very beginning. Human societies throughout the ages have had vested interests in education. While most societies will agree or acknowledge the importance of education, a large number of them fail to channel sufficient resources that can be used to promote and support educational institutions and activities. Meanwhile, as an institution, waqf has a direct effect to enhance the capabilities of the poor to take care of themselves by providing access to education, health and physical facilities. Hence, the institution of waqf can be effectively accommodates to the issue of financing for education in its new and comprehensive approach. Thus, the main objective of this article is to assess the willingness of public in contributing for social Islamic waqf bank for financing the education. The methodology of this research is a quantitative research towards 231 respondents among Muslim public in Malaysia. The general finding of this article shows that there is a strong willingness among public to contribute for this institution for the financing of education.

Waqf is an act of holding certain property and preserving it for the confined benefit of certain philanthropy that disallows any use or disposition of it outside the specific objective. The Malaysian National Fatwa Council has decided that cash waqf is allowed in Islam. This research aims to investigate Muslim consumer attitude towards participation in cash waqf and implications on their attitude towards participation in cash waqf. This paper reviews literature related to consumer attitude towards participation in cash waqf with the aim to empirically test conceptual model of antecedents and consequences of consumer attitude towards participation in cash waqf. Based on the literature, it is proposed that consumer attitude towards participation in cash waqf is influenced by consumer trust, perceived risk, product knowledge and reference group. Consumer attitude will then lead to consumer intention to participate in cash waqf. This research intends to make contribution to both theory and practice of marketing by providing marketing implications concerning the targeting of cash waqf customers.

Covering family’s members with family takaful is a necessary act in today’s environment if the financial risks are to be guarded particularly who are facing with mental health illness. This is due to fact that the cost of mental health services has always been a great barrier to accessing care for people with metal health problems and usually required series of consultations by the expert. Mental health illness becomes one of the major illnesses in Malaysia aside from heart disease that lead for seriously attention among takaful operators to include the mental health treatment in their family takaful premiums due to the worrying number of people suffering from mental health illness. Malaysia is still way behind in offering coverage for mental health illness with only AIA Malaysia and Etiqa Malaysia offers such a policy in the current market and there are huge potential in this product. Consequently, the objective of this paper is to propose a hybrid takaful model for mental health disorders in Malaysia particularly among the lower group of income due to the financial barriers. This paper uses a qualitative approach by analyzing the related document and past literature in achieving the current objective. The outcome from this study concluded that mental health takaful is needed in the Malaysia’s market in improving the mental health assessment in the country where the higher level of collaborative effort among the communities as well as governmental and NGOs is mandatory in combating this issue.

Corporate social responsibility (CSR) has had a long and varied history since its beginnings in the early 1930s (Berle and Means, 1932; Carroll, 1999). It has become part of the corporate agenda for business development and survival, and is considered important in explaining business relationships and business management in order to achieve business goals. CSR acts by providing a framework for strategic management and business relationship among various stakeholders. In general, CSR can be divided into four main dimensions: the environmental, the human resource, the philanthropic, and human rights. The study tries to investigate on how the Malaysian Banking Institutions react towards these four dimensions of CSR. For that purpose, this paper employed content analysis of five years periods of annual report of Malaysian Banking Institutions. Its comprises of total 43 banks which include 8 local commercial banks, 19 foreign commercial banks, 10 local Islamic banks and 6 foreign Islamic banks. The study found that, human resource dimension are the most popular CSR activities in Malaysian banking institutions. The environment dimension is among the least CSR activities followed with human resource issues. From the result, we identify on how CSR issues being implemented in Malaysian banking sector. It is very useful for the industry for better improvement on CSR implementation.

This paper aims to explore credit evaluation perspective of dual-banking and full-fledge of Islamic banking approach in Malaysia. This study further used qualitative method of analyzing the data collected from in-depth interviews with them. The study found that credit risk management really has a great role to play because it makes financing decisions less risky, it helps the banks to have a secure system of two-dimension of credit risk management. Besides, the commencement of credit risk management is in the time of stage in before the financing decisions until when it does repayment from customers. During the time of making financing decisions, information needed, most important elements and continuous relationship within customers are both valued differently by the different banks.

Education is very important for the development of humankind and economic progress. Nevertheless, not everyone has the opportunity and access to the proper education system. A special design financial institution is needed in order to finance those students for their education. On the other hand, Islamic waqf bank is a special designed financial institution in Islam. This bank will benefit the students and also their parents, due to its unique structure that could finance students education in term of fees and cost of living. Islamic waqf bank uses the concept of cash waqf in term of funding the education. Cash waqf is a trust fund established with money to support services for mankind's benefits in the name of Allah. It is recognized that there is no ample study in the area of cash waqf especially for managing Islamic waqf bank institution. Therefore, the study for the management of cash waqf fund is essential in order for the fund to be use efficiently. The objective of this article is to examine the tendency among students for the establishment of Islamic waqf bank. The methodology of this article is a quantitative research based on 250 students. The general finding of this article shows that there is a high tendency among students to establish Islamic waqf bank for education.

Cash waqf means movable property which is structured by money and it is contributed for the waqf project development.To achieve this objective, committed endowers are needed to contribute continuously to ensure sufficient funds for waqf projects development in the future. Therefore, this study investigating the factors that determine the endowers’ intention to re-contribute to cash waqf by employing Extended Theory of Planned Behaviour (TPB). Data were collected through the survey questionnaires which is distributed to 374 endowers who are existing endowers. The result indicates that all variables predict the dependent variable. These results show that extended TPB is crucial in describing the repeated endowers’ donation intention in cash waqf. The result provide important insight for MAIPk to develope an effective marketing strategy to keep endowers contribute constantly in the future.

Muslim-friendly destination has become popular tourist attractions, providing visitors with the opportunity to explore the unique aspects of Islam. This growing interest presents an opportunity for industry players to shift the trend of tourism offerings. In this regard, homestay programme has the potential to become Muslim-friendly destinations for tourists. However, it is essential to determine to what extent Shariah-compliant practices should guide homestay operators in providing Muslim-friendly destinations. Hence, the objectiveof this study isto investigate the criteria that need to be considered to ensure Shariah compliance. Qualitative research techniques, such as in-depth interviews with coordinatorsof selected homestay programmes will be used to achieve the study objective. The results of thisinterview will be analysedusing thematic analysis techniques. The outcome of this study will serve as a benchmark for industry stakeholders in developing strategies for homestay programme development. Moreover, the criteria developed in this research will offer a shariah-compliant guide for promoting Muslim-friendly destinations in Malaysia. This is in line with the National Tourism Policy’s (DPN 2020-2030) objectives of achieving competitiveness, sustainability, inclusivity, and global recognition as a Muslim-friendly destination.

Zakat in Islam has historically been a vital institution in fulfilling religious needs and social welfare. Its effectiveness in medieval and modern Islam is evident. However, this institution is seemingly not without inefficiencies. Ineffectiveness distribution process and lack of transparency in the zakat management are commonly cited as key impediments (bin Khatiman et al., 2021). Blockchain is expected to solve these issues due to its ability to record and trace every transaction, allowing administrators to discharge their accountability to zakat stakeholders. Thus, this study intended to develop a zakat collection blockchain system with the aim to provide economical and integrated continuous real-time zakat transactions, transparency and traceability by developing smart contracts in zakat management. The study employed four stages of process based on waterfall model starting from the interview session and analyse of the standard operating procedure (SOP) on zakat collection in the Zakat Collection Centre or Pusat Pungutan Zakat-Majlis Agama Islam Wilayah Persekutuan (PPZ-MAIWP). Then, design requirement specification (DRS) is employed after being reviewed and approved by PPZ-MAIWP. The results show that the development of blockchain in the zakat collection system could be eradicating extreme poverty and boost shared prosperity among the community in the country. The study contributes through a transparent and reliable environment for exchanging data and carrying out transactions through a decentralized digital ledger technology to record anything of value and as a result able to ensure transparency, reliability, trust ability and traceability of the zakat transactions.

For the past decade, a plenty of literature has examined the empirical relationship between economic growth and financial development. An important question of the literature is whether the financial systems influenced growth or vice versa, in the long run. The question of financial development and economic growth is an egg-and-chicken question. Which one comes first, economic growth or financial development? The study seeks to address the question of what is the relationship between financial developments and economic growth in Malaysia. This research study aims to fill the gap and provide the base for further investigation analysis. In this research the writer use dynamic ordinary least square (DOLS) and investigate the relationship between economic growth and financial developments. From (DOLS) model a further investigation of granger causality are also tested to identify direction of causality. The results indicate that there is a weak evidence on long run relationship between economic growth and financial developments. There was no causality relationship between capital market and economic growth however, banking development identified as a lead factor towards economic growth in Malaysia.

This paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various type of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern scheme and self-financing have been used by the authority to develop waqf properties. Interestingly, the development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte. Ltd.: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, modern a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial buildings in waqf land. This paper compares the financing methods adopted to develop waqf properties in Malaysia and Singapore. Recommendations are made as to the best form of financing that can be adopted in developing waqf properties in Malaysia.

Audit is one of the control functions that signifies an assurance towards a company’s compliance with specific standards, guidelines and procedure in their operations, financials, people and activities. For entities that uphold the Shariah values and earns MS 1900:2014 certification from SIRIM Berhad, implementing good internal Shariah audit for quality management is one of commitments to achieve the compliance with the stated values. The commitment is significant and should be conducted yearly prior to the external process conducted by external auditors. However, there are challenges faced by the appointed internal auditor of MS 1900:2014 that may not be addressed and facilitated by the organization. This study explores challenges faced by MS 1900:2014 internal auditors. Focus group discussion (FGD) has been conducted with six respondents who have experience in conducting internal audit processes for more than two years. Findings show that the challenges faced by the respondents can be separated into three stages pre-audit, field audit and post audit process. Findings of this study can help the organization that earns the certification to come out with early preparation to facilitate the needs of their internal auditor team prior to the actual audit process.

Cash waqf is a trust find established in cash for mankind’s benefits in the name of Allah.The gifted capital was “transferred”to borrowers for certain period,which was then spent for all sorts of pious and social purposes including for the investment objectives.It is recognized that there is no ample study in the area of cash waqf especially for managing the waqf fund .Therefore the research on the management of cash waqf fund is essential in order for the fund to be used efficiently.The objective of this article is to investigate the relationship between level of income and contribution method of cash waqf fund in Islamic waqf bank as well as the appointment of Islamic waqf bank as an agent in collecting the fund.This research employs quantitative analysis on 231 respondents among Muslim public in this country.The finding of this article shows that,with the proper contribution method and the appointment of Islamic waqf bank an agent in collecting the cash waqf fund ,there is a strong tendency that the Islamic waqf bank’s operation will be run effectively.

Background: The understanding of risk and the concept of it is occurs associated in Islamic financing was well-known in financial industry by the using of Profit-and-Loss Sharing (PLS). It was presently in any Islamic financial transactions in order to comply with shariah rules. However, the existence of risk in Murabahah contract of financing is an ability that the counterparty is unable to completes its obligations within the agreed terms. Therefore, it is called as credit or default risk. Credit risk occurs when the client fails to make timely payment after the bank makes complete delivery of assets. Thus, it affects the growth of the bank as the banking business is in no position to have appropriate measures to cover the risk. Therefore, the bank may impose penalty on the outstanding balance. Objective :This paper aims to highlight the credit risk determinant and issues surrounding in Islamic bank in Malaysia in terms of Murabahah financing and how to manage it by using the proper techniques. Finally, it explores the credit risk management concept that might solve the problems arise .Results: The study found that the credit risk can be managed properly by improving the use of comprehensive reference checklist of business partners on their character and past performance as well as their comprehensive database. Conclusion: Besides that, prevention of credit risk can be done by using collateral as security against the risk and we also argue on the Shariah guidelines and procedures should be implement coherently by the banking business because so that the risk would be control by having an effective instrument for Islamic modes of financing.

The article discusses the potential of Musharakah and Mudarabah concepts application for SMEs financing.

Blockchain ialah rekod transaksi digital berdasarkan strukturnya pangkalan data bagi setiap data individu atau transaksi dihubungkan melalui blok di bawah rangkaian yang dibentuk. Potensi penggunaan sistem blockchain dalam sektor kewangan sosial Islam, sebagai contohnya, zakat belum diterokai sepenuhnya dan ianya boleh dijadikan agenda di peringkat nasional dan antarabangsa. Hasilnya, penulisan ini adalah bertujuan untuk merancang dan mengembangkan kontrak pintar pada teknologi hyperlejar zakat yang diedarkan dengan menggunakan platform Blockchain untuk menghasilkan kecekapan dan produktiviti yang lebih tinggi serta menjimatkan kos yang berkaitan. Bagi memenuhi tujuan ini, kaedah pembangunan sistem yang dinamakan “Waterfall Model” telah diadaptasikan di dalam pembinaan sistem “demo backend” blockchain pungutan telah melalui 4 peringkat iaitu proses temu bual dan analisa carta alir berkaitan Manual Prosedur Operasi (SOP) kutipan zakat di PPZ-MAIWP. Dari peringkat ini, Spesifikasi Keperluan Reka Bentuk “Design Requirement Specification” (DRS) dihasilkan. DRS mesti dikaji dan dipersetujui oleh semua pihak yang berkepentingan pembangunan teknologi ini. Hasilnya, kajian ini telah berjaya menghasilkan satu sistem “demo backend” Blockchain zakat yang mampu mengesan transaksi di dalam aktiviti zakat yang di mana ianya diyakini mampu meningkatkan keyakinan yang lebih tinggi di kalangan pembayar zakat dan akhirnya mampu meningkatkan jumlah kutipan zakat di PPZ-MAIWP. PPZ-MAIWP akan mendapat keuntungan dari sistem “demo backend” platform Blockchain yang dibangunkan kerana ianya menawarkan transaksi yang cepat, fleksibel dan sangat berskala besar.

The significant impact of tourism industry has made it one of dominant economic and social activities in Malaysia, which contribute to the increasing number of domestic and international tourists especially among the Muslim community. Thus, it is important for the industry to create the concept of Muslim Friendly Hospitality Services (MFHS) to cater this trend as an innovation in the tourism and hospitality sector in Malaysia. With the aim to explain the accommodation parameters in MFHS for the tourism sector based on the standard MS 2610:2015, this study uses the method of literature and text study. Furthermore, analysis of relevant documents, books and journals, articles, past studies are also referred to discuss the implementation framework of MS 2610: 2015 beside conducting interviews with experts in the industry related to the development of standard MS2610: 2015 to achieve the objectives of the study. Findings of this study found that there are still hospitality services that need to be strengthened to meet the MS 2610:2015 standard. Thus, this study has contributed by identifying the parameters of standardization in the implementation of MFHS in the tourism industry in Malaysia. Moreover, this study also clarified the concept of MFHS and the criteria measured for the tourism hospitality sector in Malaysia, which is expected to increase the credibility of an organization by applying noble values in management as well as driving the growth of Malaysia's halal tourism hub globally.

Kajian ini bertujuan untuk mengkaji hubungan kualiti perkhidmatan dan kepuasan pelanggan dalam sistem perbankan Islam. Kajian ini memilih dua buah bank utama yang mengamalkan sistem perbankan Islam di Malaysia iaitu Bank Islam dan Bank Muamalat Sebanyak 200 borang soal selidik diedarkan, masing-masing 100 responden bagi setiap bank. Data yang dikutip telah dianalisis menggunakan program Statistical package for social science (SPSS). Analisis diskriptif menunjukkan skor min kepuasan pelanggan adalah tinggi begitu juga skor min bagi keseluruhan dimensi kualiti perkhidmatan. Ujian kolerasi mendapati terdapat hubungan yang signifikan di antara pembolehubah-pembolehubah yang terlibat. Analisis regrasi berganda menunjukkan pembolehubah-pembolehubah kualiti perkhidmatan menerangkan 61.4 peratus varian dalam kepuasan pelanggan. Secara amnya, pelanggan berpuas hati terhadap kualiti perkhidmatan yang disediakan oleh institusi perbankan Islam. Oleh itu, pihak perbankan Islam seharusnya memberikan perhatian yang khusus dan prihatin kepada pelanggan, menonjolkan kemudahan dari segi fizikal, peralatan dan penampilan kakitangan serta berkeinginan untuk membantu dan menaikkan imej institusi perbankan Islam.

Nowadays,practitioners and responsible government bodies in the Islamic finance industry have been recognized the potential of corporate waqf as a source of funding. A corporate waqf is an endownment of different sources by a founder with the intention that the corpus or principal should be managed by a trustee with the intention to earn an income that could be spent towards righteous purposes as designated by the founder. The aim is as designated waqf is valuable investment in this world and hereafter life. Waqf is one of financial instruments which has been applied since the early islamic period in Madinah in addressing issues related to economic development and community’s economic prosperity. This is because waqf has been successful in encouraging economic development through various aspects of social welfare to public. Maybank Islamic Berhad involvement in this field is an outburst that can build awareness, inculculate interest and public concern. It can yield the positive impact towards domain corporate social responsibility (CSR) especially from the aspect of development of waqf. Purpose of this article is to determine the uniqueness of corporate endowments featured by Maybank Islamic Berhad and to view its contribution to the economic development and community’s economic prosperity. The general findings of this study indicate that systematic implementation of corporate waqf is very useful in boosting the nation's economic development and community prosperity. Keywords: ‘ain’waqf, corporate waqf, economic prosperity, Islamic finance.