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Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective

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...

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Main Authors: Megat Laksana, Nan Noorhidayu, Che Mohd Salleh, Marhanum, Che Embi, Nor Azizan
Format: Article
Language:English
Published: IIUM Press 2020
Subjects:
H Social Sciences (General)
H10 Societies
HJ Public Finance
Online Access:http://irep.iium.edu.my/82862/1/Journal%20Usul%20Fiqh_Takaful%20Model.pdf
http://irep.iium.edu.my/82862/
https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/175/87
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spelling my.iium.irep.828622020-09-24T03:10:03Z http://irep.iium.edu.my/82862/ Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective Megat Laksana, Nan Noorhidayu Che Mohd Salleh, Marhanum Che Embi, Nor Azizan H Social Sciences (General) H10 Societies HJ Public Finance 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. IIUM Press 2020-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/82862/1/Journal%20Usul%20Fiqh_Takaful%20Model.pdf Megat Laksana, Nan Noorhidayu and Che Mohd Salleh, Marhanum and Che Embi, Nor Azizan (2020) Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective. International Journal of Fiqh and Usul al-Fiqh Studies, 4 (1). pp. 118-125. E-ISSN 2600-8408 https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/175/87
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
topic H Social Sciences (General)
H10 Societies
HJ Public Finance
spellingShingle H Social Sciences (General)
H10 Societies
HJ Public Finance
Megat Laksana, Nan Noorhidayu
Che Mohd Salleh, Marhanum
Che Embi, Nor Azizan
Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
description 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.
format Article
author Megat Laksana, Nan Noorhidayu
Che Mohd Salleh, Marhanum
Che Embi, Nor Azizan
author_facet Megat Laksana, Nan Noorhidayu
Che Mohd Salleh, Marhanum
Che Embi, Nor Azizan
author_sort Megat Laksana, Nan Noorhidayu
title Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
title_short Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
title_full Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
title_fullStr Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
title_full_unstemmed Examining the feasibility of waqf (Islamic endowment)-based takāful model from the Malaysian legal perspective
title_sort examining the feasibility of waqf (islamic endowment)-based takāful model from the malaysian legal perspective
publisher IIUM Press
publishDate 2020
url http://irep.iium.edu.my/82862/1/Journal%20Usul%20Fiqh_Takaful%20Model.pdf
http://irep.iium.edu.my/82862/
https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/175/87
_version_ 1680320884817002496
score 13.211869

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