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Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions

The current Islamic home financing institutional framework in Malaysia that is almost exclusively dominated by Islamic commercial banks and government-owned home institutions (86% and 10.5% shares of home financing outstanding respectively) are deemed as sustainable in the long run. Economists have...

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Main Authors: Md Zabri, Mohd Zaidi, Abdul Razak, Dzuljastri, Mohamed, Mustafa Omar
Format: Conference or Workshop Item
Language:English
English
Published: 2016
Subjects:
HG Finance
Online Access:http://irep.iium.edu.my/52401/2/%5BICIEF%20KL%202016%5D%20Affordable%20Islamic%20Home%20Financing%20In%20Malaysia--A%20Potential%20Synergistic%20Venture%20between%20Financial%20Cooperatives%20and%20Cash-Waqf%20Institutions.pdf
http://irep.iium.edu.my/52401/12/52401_Affordable%20Islamic%20Home%20Financing%20In%20Malaysia.pdf
http://irep.iium.edu.my/52401/
http://submit.confbay.com/conf/icief2016
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spelling my.iium.irep.524012018-05-22T00:40:52Z http://irep.iium.edu.my/52401/ Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions Md Zabri, Mohd Zaidi Abdul Razak, Dzuljastri Mohamed, Mustafa Omar HG Finance The current Islamic home financing institutional framework in Malaysia that is almost exclusively dominated by Islamic commercial banks and government-owned home institutions (86% and 10.5% shares of home financing outstanding respectively) are deemed as sustainable in the long run. Economists have long ago identified the contentious relationship between an Islamic commercial bank’s shareholders and its depositors an ‘agency problem’.The Malaysian government on the other hand, is under enormous pressure to gradually reduce its budget deficits. Islamic economics scholars are calling for the third sector economy players such as cooperatives and/or awqaf to address this gap. This conceptual paper aims to present a potential joint-venture by cash waqf institutions and financial cooperative to offer an affordable, musharakah mutanaqisah partnership (MMP) home financing solution to low- and middle-income families in Malaysia. Five critical stakeholders (waqif, cash waqf institutions, financial cooperative, and joint-management committee) form the critical components in this model to offer an alternative, affordable Islamic home financing framework to the current Islamic home financing providers. This model is particularly useful for relevant stakeholders especially within the cooperative society milieu in their effort to help their member-customers to acquire their homes through affordable Islamic home financing. 2016-10 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/52401/2/%5BICIEF%20KL%202016%5D%20Affordable%20Islamic%20Home%20Financing%20In%20Malaysia--A%20Potential%20Synergistic%20Venture%20between%20Financial%20Cooperatives%20and%20Cash-Waqf%20Institutions.pdf application/pdf en http://irep.iium.edu.my/52401/12/52401_Affordable%20Islamic%20Home%20Financing%20In%20Malaysia.pdf Md Zabri, Mohd Zaidi and Abdul Razak, Dzuljastri and Mohamed, Mustafa Omar (2016) Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions. In: 11th International Conferance on Islamic Economics and Finance (ICIEF 2016), 11th-13th Oct. 2016, Kuala Lumpur. (Unpublished) http://submit.confbay.com/conf/icief2016
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic HG Finance
spellingShingle HG Finance
Md Zabri, Mohd Zaidi
Abdul Razak, Dzuljastri
Mohamed, Mustafa Omar
Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
description The current Islamic home financing institutional framework in Malaysia that is almost exclusively dominated by Islamic commercial banks and government-owned home institutions (86% and 10.5% shares of home financing outstanding respectively) are deemed as sustainable in the long run. Economists have long ago identified the contentious relationship between an Islamic commercial bank’s shareholders and its depositors an ‘agency problem’.The Malaysian government on the other hand, is under enormous pressure to gradually reduce its budget deficits. Islamic economics scholars are calling for the third sector economy players such as cooperatives and/or awqaf to address this gap. This conceptual paper aims to present a potential joint-venture by cash waqf institutions and financial cooperative to offer an affordable, musharakah mutanaqisah partnership (MMP) home financing solution to low- and middle-income families in Malaysia. Five critical stakeholders (waqif, cash waqf institutions, financial cooperative, and joint-management committee) form the critical components in this model to offer an alternative, affordable Islamic home financing framework to the current Islamic home financing providers. This model is particularly useful for relevant stakeholders especially within the cooperative society milieu in their effort to help their member-customers to acquire their homes through affordable Islamic home financing.
format Conference or Workshop Item
author Md Zabri, Mohd Zaidi
Abdul Razak, Dzuljastri
Mohamed, Mustafa Omar
author_facet Md Zabri, Mohd Zaidi
Abdul Razak, Dzuljastri
Mohamed, Mustafa Omar
author_sort Md Zabri, Mohd Zaidi
title Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
title_short Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
title_full Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
title_fullStr Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
title_full_unstemmed Affordable Islamic home financing in Malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
title_sort affordable islamic home financing in malaysia: a potential synergistic venture between financial cooperatives and cash-waqf institutions
publishDate 2016
url http://irep.iium.edu.my/52401/2/%5BICIEF%20KL%202016%5D%20Affordable%20Islamic%20Home%20Financing%20In%20Malaysia--A%20Potential%20Synergistic%20Venture%20between%20Financial%20Cooperatives%20and%20Cash-Waqf%20Institutions.pdf
http://irep.iium.edu.my/52401/12/52401_Affordable%20Islamic%20Home%20Financing%20In%20Malaysia.pdf
http://irep.iium.edu.my/52401/
http://submit.confbay.com/conf/icief2016
_version_ 1643614158163279872
score 13.211869

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