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The Waqf Integrated Financial Instrument of Pension Model in Malaysian Social Security: A Conceptual Proposition

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dc.contributor.authorUbaidillah, M.en_US
dc.contributor.authorIsmail, M. A.en_US
dc.contributor.authorMohd Noor, M. A.en_US
dc.date.accessioned2024-05-29T08:22:07Z
dc.date.available2024-05-29T08:22:07Z
dc.date.issued2020
dc.description.abstractThe ageing population trend is a problem for almost all countries in the world. In Malaysia, the issue is exacerbated by insufficient employee savings to face retirement. The majority of Malaysian employees have savings no more other than mandatory savings of the Employees Provident Fund (EPF) account. On the other hand, waqf has many roles in the country’s economic development as it helps to improve welfare of the community. This paper aims to connect the gap between pension and waqf issues through a new proposed Waqf Based Pension Model. This study uses descriptive analysis to propose a Waqf Based Pension Model. This study employs library research approach to collect secondary data from journal articles, books, reports, and websites that contain existing pension schemes and waqf. This new model improves weaknesses in the existing pension scheme using annuity-based calculations. This study finds that productive waqf assets may be used to generate greater profits. In addition, waqf funds are then allocated to build the infrastructure needed by the community such as health services, education, housing, transportation and religious facilities. The new Waqf Based Pension Model is expected to be supported and applied by the government and the community.en_US
dc.identifier.doihttps://doi.org/10.33102/jmifr.v17i1.259
dc.identifier.epage55
dc.identifier.issn1823-075X
dc.identifier.issueJune 2020
dc.identifier.spage33
dc.identifier.urihttps://jmifr.usim.edu.my/index.php/jmifr/article/view/259
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14648
dc.identifier.volumeVol.17 No.1
dc.language.isoen_USen_US
dc.publisherUniversiti Sains Islam Malaysiaen_US
dc.relation.ispartofThe Journal of Muamalat and Islamic Finance Researchen_US
dc.subjectPension scheme, Waqf, Ageing population, Savings, Employees’ provident funden_US
dc.titleThe Waqf Integrated Financial Instrument of Pension Model in Malaysian Social Security: A Conceptual Propositionen_US
dc.typeArticleen_US
dspace.entity.typePublication

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