Utilisation of zakah and waqf fund in micro-takaful models in Malaysia : an exploratory study

Purpose This paper aims to investigate the utilisation of both zakāh and waqf fund as external resources to ensure micro-takāful services are delivered to underserved communities in an effective and sustainable manner. It also addresses Sharīʿah issues related to the zakāh- and waqf-based model. Des...

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Bibliographic Details
Published in:ISRA international journal of Islamic finance 2017-01, Vol.9 (1), p.100-105
Main Authors: Mikail, Said Adekunle, Ahmad, Muhammad Ali Jinnah, Adekunle, Salami Saheed
Format: Article
Language:English
Subjects:
Beneficiaries
Content analysis
Economic development
Financial inclusion
Financial institutions
Focus groups
Investigations
Islamic financing
Islamic law
Low income groups
Microfinance
Studies
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Summary:Purpose This paper aims to investigate the utilisation of both zakāh and waqf fund as external resources to ensure micro-takāful services are delivered to underserved communities in an effective and sustainable manner. It also addresses Sharīʿah issues related to the zakāh- and waqf-based model. Design/methodology/approach The study is a qualitative-based research. It uses both focus group and content analysis approach to gather primary data and identify and interpret relevant secondary data and Sharīʿah concepts in developing the zakāh- and waqf-based micro-takāful model. Findings It is discovered throughout the investigation of attributes of beneficiaries of zakāh and waqf institutions as well as micro-takāful scheme that all share commonalities in terms of social securities and socio-economic support to low-income households in societies. The study also finds that the disintegration of zakāh and waqf which form part of the Islamic ecosystem from the micro-takāful model makes it less effective and sustainable. Originality/value This study appears as a primitive attempt to discuss and develop a zakāh and waqf-based micro-takāful model with reference to Malaysian jurisdiction.
ISSN:0128-1976
2289-4365
DOI:10.1108/IJIF-07-2017-010