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Development Of Integrated Islamic Finance-based Index Of Financial Inclusion Using Zakat And Cash Waqf: A Preliminary Study In Malaysia

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dc.contributor.authorJunaidah Abu Semanen_US
dc.contributor.authorNurul Nazlia Jamilen_US
dc.contributor.authorAzreen Jihan Che Mohd Hashimen_US
dc.date.accessioned2024-05-29T08:20:45Z
dc.date.available2024-05-29T08:20:45Z
dc.date.issued2021-12
dc.date.submitted2022-2-14
dc.descriptionJMIFR Vol.18 No. 2 (Dec) 2021en_US
dc.description.abstractFinancial inclusion is a priority agenda in many countries. While the importance of financial inclusion index is widely recognized, the literature lacks a constructive discussion on its measurement in the light of Islamic finance since it is believed that only by the incorporation of the Shariah-based instruments, the level of access to finance can be improved. The study aims to develop a methodology for the computation of an integrated Islamic finance-based index of financial inclusion in Malaysia. Based on the current measurement of financial inclusion index (IFI) in Malaysia, this study employs a self-administered questionnaire and secondary data from Jabatan Waqaf, Zakat dan Haji (JAWHAR) and Yayasan Waqaf Malaysia (YWM), to measure the integrated Islamic finance based financial inclusion index for year 2011 and 2015. Zakat and cash waqf indicators are added in the index computation to represent Islamic finance components. Depending on the value of the index, a country is classified into four categories; high, above average, moderate or low integrated Islamic finance-based of financial inclusion. It is found that the level of financial inclusion using Islamic finance indicator in Malaysia is above average. The overall index level is increased from 0.49 in year 2011 to 0.55 in year 2015. Interestingly, most of the level of zakat and cash waqf indicator indexes are low which indicate that these channels require specific attention to tackle financial inclusion in Malaysia. It is hoped that the findings would be useful for the development of financial inclusion index using Islamic finance approach and monitoring the impact of zakat and waqf to the society.en_US
dc.identifier.citationJunaidah Abu Seman, Nurul Nazlia Jamil, & Azreen Jihan Che Mohd Hashim. (2021). Development of Integrated Islamic Finance-Based Index of Financial Inclusion Using Zakat and Cash Waqf: A Preliminary Study in Malaysia. The Journal of Muamalat and Islamic Finance Research, 18(2), 73-95. https://doi.org/10.33102/jmifr.v18i2.370en_US
dc.identifier.doi10.33102/jmifr.v18i2.370
dc.identifier.epage95
dc.identifier.issn1823-075X
dc.identifier.issue2
dc.identifier.spage73
dc.identifier.urihttps://jmifr.usim.edu.my/index.php/jmifr/article/view/370
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14560
dc.identifier.volume18
dc.language.isoenen_US
dc.publisherUSIM Publisheren_US
dc.relation.ispartofJournal of Muamalat and Islamic Finance Research (JMIFR)en_US
dc.subjectFinancial inclusion, Islamic finance, index, zakat, cash waqfen_US
dc.titleDevelopment Of Integrated Islamic Finance-based Index Of Financial Inclusion Using Zakat And Cash Waqf: A Preliminary Study In Malaysiaen_US
dc.typeArticleen_US
dspace.entity.typePublication

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