Examining the feasibility of Waqf (Islamic Endowment)‎-based Takaful model from the Malaysian legal perspective

Other Title(s)

اختبار جدوى نموذج التكافل المستند إلى الوقف في ضوء القانون الماليزي

Joint Authors

Laksana, Nan Noorhidayu Megat
Salleh, Marhanum Che Mohd
Embi, Nor Azizan Che

Source

International Journal of Fiqh and Usul Al-fiqh Studies

Issue

Vol. 4, Issue 1 (31 Jan. 2020), pp.118-125, 8 p.

Publisher

International Islamic University Malaysia Kulliyah of Islamic Revealed Knowledge and Human Sciences Department of Fiqh and Usul al-Fiqh

Publication Date

2020-01-31

Country of Publication

Malaysia

No. of Pages

8

Main Subjects

Financial and Accounting Sciences

Abstract EN

In 2004, the State Islamic Religious Council (SIRC) in Malaysia stated their concern on jurisdiction pertaining to control of state waqf assets, which were different among the states in Malaysia.

Based on discussions with the legal experts, they have proposed the adoption of the agency principle in order to cater to the issue of control over the waqf fund.

This study discusses the feasibility of waqf (Islamic endowment)-based takāful products to be practiced in Malaysia by considering the opinions of SIRC and legal experts in the industry.

In order to achieve the research objective, this research adopts a qualitative methodology and focus group discussions with the SIRC representatives and legal experts.

Overall, it is found that all respondents have agreed with the proposed waqf-based takāful model as it has special values that may inculcate the culture of brotherhood in society as this concept encourages people to give something to others without receiving any financial return.

This study contributes to the discussion of the feasibility of waqf (endowment) principle to be introduced in the takāful products from the legal perspective.

American Psychological Association (APA)

Laksana, Nan Noorhidayu Megat& Salleh, Marhanum Che Mohd& Embi, Nor Azizan Che. 2020. Examining the feasibility of Waqf (Islamic Endowment)-based Takaful model from the Malaysian legal perspective. International Journal of Fiqh and Usul Al-fiqh Studies،Vol. 4, no. 1, pp.118-125.
https://search.emarefa.net/detail/BIM-965667

Modern Language Association (MLA)

Laksana, Nan Noorhidayu Megat…[et al.]. Examining the feasibility of Waqf (Islamic Endowment)-based Takaful model from the Malaysian legal perspective. International Journal of Fiqh and Usul Al-fiqh Studies Vol. 4, no. 1 (Jan. 2020), pp.118-125.
https://search.emarefa.net/detail/BIM-965667

American Medical Association (AMA)

Laksana, Nan Noorhidayu Megat& Salleh, Marhanum Che Mohd& Embi, Nor Azizan Che. Examining the feasibility of Waqf (Islamic Endowment)-based Takaful model from the Malaysian legal perspective. International Journal of Fiqh and Usul Al-fiqh Studies. 2020. Vol. 4, no. 1, pp.118-125.
https://search.emarefa.net/detail/BIM-965667

Data Type

Journal Articles

Language

English

Notes

Text in English ; abstracts in English and Arabic.

Record ID

BIM-965667