Publication:
The Integration of Waqf and Islamic Microfinance in Malaysia: Prospects and Challenges

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Date

2021

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Islamic Cultural Centre, London

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Abstract

Islamic Microfinance has been proven scientifically on its capability to empower the poor and rural population. However, the operational costs are relatively expensive as it involves vast fieldworks that often concentrate on rural areas. The support programs – which are also costly – have to be offered regularly considering that this population is always associated a low entrepreneurship literacy. In effect, the microfinance products are imposed with quite a high charge to bear the operational cost. The initiative to integrate Islamic microfinance and waqf stands out to be an ideal solution. However, such a proposition has scarcely been discussed in a profound and systematic manner. Hence, the study aims to explore into the practicality of the integration between waqf and Islamic microfinance in terms of the prospects and challenges. The methodologies used were library research and content analysis where the existing and relevant document remains the sources of concern. The results show that there are several prospects that could give a positive impact towards the Islamic microfinance providers, waqf institutions and social well-being empowerment. Several practical challenges have also been identified and carefully reviewed. It is believed that the results have implications for Sharīʿah advisors, managers and policy makers, as well as provide some insightful avenues for future research.

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Waqf, Islamic microfinance, poor population, social development

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https://www.scopus.com/record/display.uri?eid=2-s2.0-85134690096&origin=resultslist&sort=plf-f&src=s&sid=f6de60d0ce1f7887d90ab7d88e100910&sot=b&sdt=b&s=TITLE-ABS-KEY%28The+Integration+Of+Waqf+And+Islamic+Microfinance+In+Malaysia%29&sl=75&sessionSearchId=f6de60d0ce1f7887d90ab7d88e100910
 https://oarep.usim.edu.my/handle/123456789/10518

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