During the global financial crisis and its aftermath, Islamic financial institutions were less affected, protected by their fundamental operating principles of risk sharing and the avoidance of leverage and speculative financial products. This has led to a greater appreciation of the role of Islamic finance in supporting economic growth across the globe. The contribution of Islamic finance and Islamic social finance especially through waqf sector promotes real economic development and could help to foster real economy and social sustainability. The impact and contribution of waqf for economic development in fostering real economy and social sustainability can be obverved in many areas such as enhancing economic progress, eradicating proverty, restoring distribution of income, reducing government expenditure, preventing deficit financing and stimulate growth and job creation. Therefore, a new mechanism is needed to support non-bankable and poor customers for financing facilities via Shariah compliant Islamic financial products and services.The purpose of this paper is to examine the most feasible mechanism for deposit and financing instruments based on waqf through Waqf Bank that able to foster and stimulate economic and social sustainability in the real economy sector especially for Muslim countries. The methodology of research in this study is through qualitative research based on interviews with Muslim scholars as well as Islamic banking and waqf practitioners. The finding of this study shows that there is feasible mechanism and modus operandi for the development of deposit and financing instruments in the Waqf Bank that able to be applied in many Muslim countries worldwide.

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.

This paper aims to develop the new Waqf Bank (WB) organizational structure model in Malaysia. This paper has employed qualitative methods and exploratory research design on the study overall. This research has a conceptual lens (its research framework) that overlays the semi-structured interviews (data collection method). Semi-structured interviews were conducted with waqf institutions employees, Islamic bank employees, and Muslim scholars to develop the WB structure. This study result reveals the newly developed WB organization structure model applied in Malaysia. When the structure is applied adequately in Malaysia, it allows substantial monetary improvement in the current economic system. This study has profound implications for the Malaysian government and policymakers who look for a solution in empowering Muslim economic development. Therefore, poor Muslims' impact will enhance life quality through the WB financing scheme. The research regarding WB covers a wide range of academic disciplines and a new research area in the academic world. This research area gives significant new findings and developed numerous new theories regarding WB; thus, gives new contribution of knowledge to the academic world.

This study aims to examine the relationship between the level of education and the willingness to pay zakat among online traders. The research method used in this study is quantitative where survey questions are distributed to online traders around the Federal Territory of Kuala Lumpur. The findings of this study found that there is a positive relationship between all levels of education in this study and the willingness to pay zakat to online businesses. This study has several limitations, namely the generalization of variables using a limited sample selection and the specific context of the research conducted.

Education and learning is one of the most important processes in today's society. Today's youth are tomorrow's teachers. The importance of education is undeniable for every single person. It is understood that education has a positive effect on human life and all people need to study. Only with the advent of education can people gain knowledge and enlarge their view over the world. Education is the key that allows people to move up in the world, seek better jobs, and ultimately -succeed fully in life. Education is very important, and no one should be deprived of it. 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 student's education in term of fees and cost of living. Islamic waqf bank use 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. The gifted capital was "transferred" to borrowers for certain period, which was then spent for all sorts of pious and social purposes inclusive for the investment objectives. It is recognized that there is no ample study in the area of cash waqf especially for funding the education. Therefore, the initial study on students' needs towards Islamic waqf bank is essential in order for the fund to be use efficiently. The objective of this paper is to explore the needs towards Islamic waqf bank for education. The methodology of this research is a quantitative research towards 210 respondents among Muslim students in Malaysia The general finding of this paper shows that, the demand of the establishing Islamic waqf bank is extremely high among Malaysian students.

The online zakat system is a method of paying zakat through an online banking application. It is an online financial transaction platform that connects banks in zakat payment with zakat organization. It is an online system for zakat applications that can improve the efficiency of zakat collection and distribution. It is also planned to be able to attract more Muslims to pay zakat. The purpose of this article is to examine the initial findings of educational status and its relationship with knowledge on zakat. The research method used throughout this study is quantitative method via questionnaire to the targeted respondents. The initial findings of this study shows that the education level has a positive relationship with knowledge of zakat.

Kertas kerja ini bertujuan untuk mengkaji literatur mengenai zakat, zakat atas talian dan kutipan zakat dalam usaha untuk mencari hubung kait antara zakat atas talian, kutipan zakat dan membasmi kemiskinan di Malaysia. Literatur yang tersedia mengenai zakat, zakat dalam talian dan kutipan zakat bagi membasmi kemiskinan telah dikaji secara kritikal untuk memenuhi objektif kertas kerja ini. Metodologi kertas kerja ini berdasarkan literatur dan penyelidikan konseptual yang tidak melibatkan analisis empirikal. Penemuan kertas kerja ini akan menjelaskan perkaitan antara pembayaran zakat dalam talian, kutipan zakat dan pembasmian kemiskinan di Malaysia.

Receiving a good education helps empower people knowledge, thus making them strong enough to look after themselves in any given situation. It keeps oneself aware of given surrounding as well as the rules and regulations of the society they living in. Moreover, the technology that we use today is a result from the advancement and improvement of education. On the other hand Islamic waqf bank is a special designed financial institution in Islam. This bank will benefit the student 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 terms of funding the education. While cash waqf is a trust fund established with money to support services for mankind‟s benefits in the name of Allah. The objective of this article is to examine the relationship between level of income and contribution method of cash waqf fund in Islamic waqf bank as well as the appointment of an agent in collecting waqf fund in Islamic waqf bank. The methodology of this research is a quantitative research towards 287 respondents among Muslim public in this country. The general finding of this article shows that, with proper contribution method and the appointment of Islamic waqf bank as an agent in collecting the cash waqf fund, there is a strong tendency that the Islamic waqf bank‟s operation will be run effectively.

Cash waqf means the dedication of some money from one's possessions and establishing an asset based on that amount and offering it to the benefit of people. It is also defined as the devotion of an amount of money by a founder and the dedication of its usufruct in perpetuity to the prescript purposes. 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 scrutinize 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. The methodology of research in this article is through a quantitative research towards 231 Muslim respondents. The general finding of this article shows that, the strong willingness among the respondents to use electronic method in contributing for Islamic Waqf Bank. It is proposed a proper channeled in contributing for waqf fund and the appointment of Islamic Waqf Bank as an agent in collecting the cash waqf fund, will be a strong tendency that the Islamic Waqf Bank’s operation will be run efficiently.

The combination of Waqf institutions and Islamic banking institutions has proven to catalyze Islamic economic development. Apart from that, these combinations can also address Malaysia's financial inclusion problem. Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to how individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, financing, equity, and takaful products. In recent years, there has been a massive gap in scientific research studying the involvement of waqf institutions, especially in addressing the financial inclusion problem. In particular, the innovation and use of cash waqf in waqf institutions are minimal. It will cause a slowdown in the development of the Islamic economy. Thus, the contribution of waqf institutions to addressing financial inclusion in the academic world is limited. For these reasons, this study proposes waqf banking products to address the issue of financial inclusion and fill the gap. This study uses a qualitative approach with an exploratory research design to answer research questions. The data collection methods used in this study are a semi-structured interview and a focus group interview. The researcher has sent the invitation for research interview sessions to all waqf organizations, available Islamic banking institutions, microfinance institutions in Malaysia, and Muslim scholars for data collection. Unfortunately, only a few of them agreed to be interviewed. This study tries to answer research questions such as what waqf banking products are, how waqf banking products can be created, who will benefit from waqf banking products, and where, why, and when waqf banking products need to be made. The findings of this study show that the development of waqf banking products could address the financial inclusion problem faced by Malaysians and thus help B40 survive in this post-pandemic Coronavirus Disease 2019 (COVID-19) era. Although there were challenges in attempting to adopt waqf banking products, such as the rules and regulations of waqf and banking, governance, and human resources, the findings of this study could be a reference for bankers, policymakers, and waqf organizations to develop waqf banking products in Malaysia.