Publication: Awareness Of Cash Waqf And Its Application In The Takaful Industry
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Date
2022
Authors
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Journal ISSN
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Publisher
Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia
Abstract
The cash waqf instrument is been observed as an appropriate mechanism in the area of Islamic finance. Waqf practices in Malaysia are confined to property and land. Nonetheless, despite the knowledge about the uniqueness and powerful attributes of cash waqf in enhancing economic development has been quite widespread, this instrument is still unpopular in Malaysia, especially in the takaful industry. Thus, this study aims to examine the awareness of cash waqf and its application in the takaful industry as well as to examine the proposal of using this tool in Malaysian takaful industry and to further analyze the issue of why cash waqf is still unpopular in Malaysia. This study employs questionnaires for data collection. This paper reports the results of 267 respondents in Klang Valley and Nilai, Negeri Sembilan. The findings show that 58.8 percent of respondents are aware of the meaning and concept of cash waqf. However, 66.3 percent of the respondents are not aware of the application and applicability of cash waqf in the Takaful industry. Although it seems new for Malaysia to have cash waqf funds under the takaful framework, it should be an initiative to start it up as a good means to demonstrate the true essence of takaful. A new and special venue for it can be formed by bundling the cash waqf fund in the existing takaful models. In other words, this instrument could function as part and parcel of the current takaful models. Other than revealing ambiguities, gaps and contradictions in the literature, this paper provides information and guidance for other researchers wishing to embark on research on cash waqf in Malaysian takaful industry.
Description
e-Proceedings of The 10th Islamic Banking, Accounting and Finance International Conference 2022 (iBAF2022): “Future-Proofing for Business Excellence Through Islamic Banking, Accounting and Finance”/ Editors: Norhaziah Nawai, Khairil Faizal Khairi, Suhaila Abdul Hamid, Muhamad Azrin Nazri, Nur Ainna Ramli, Sumaiyah Abd Aziz, Mohd Adha Ibrahim, Syadiyah Abdul Shukor.
13th-14th September 2022 (Virtual Conference)
Organized by: Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia
Keywords
Cash waqf; takaful; takaful al-ijtimai; awareness
Citation
Nawai, N., Khairi, K. F., Abdul Hamid, S., Nazri, M. A., Ramli, N. A., Abd Aziz, S., Ibrahim, M. A., & Abdul Shukor, S. (Eds.). (2022). e-Proceedings of The 10th Islamic Banking, Accounting and Finance International Conference 2022 (iBAF2022) : “Future-Proofing for Business Excellence Through Islamic Banking, Accounting and Finance.” Universiti Sains Islam Malaysia. https://fem.usim.edu.my/ibaf2022-proceeding/