Waqf Banking Products for Financial Inclusion in Malaysia
The combination of Waqf institutions and Islamic banking institutions has proven to catalyze Islamic economic development. Apart from that, these combinations can also address Malaysia's financial inclusion problem. Financial inclusion is defined as the availability and equality of opportuni...
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Universiti Sains Islam Malaysia |
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Waqf--Malaysia. Banks and banking--Religious aspects--Islam. Finance--Malaysia. Waqf--Malaysia. |
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Waqf--Malaysia. Banks and banking--Religious aspects--Islam. Finance--Malaysia. Waqf--Malaysia. Mohd Asyraf Yusof Waqf Banking Products for Financial Inclusion in Malaysia |
description |
The combination of Waqf institutions and Islamic banking institutions has proven to
catalyze Islamic economic development. Apart from that, these combinations can also
address Malaysia's financial inclusion problem. Financial inclusion is defined as the
availability and equality of opportunities to access financial services. It refers to how
individuals and businesses can access appropriate, affordable, and timely financial
products and services. These include banking, financing, equity, and takaful products. In
recent years, there has been a massive gap in scientific research studying the involvement
of waqf institutions, especially in addressing the financial inclusion problem. In particular,
the innovation and use of cash waqf in waqf institutions are minimal. It will cause a
slowdown in the development of the Islamic economy. Thus, the contribution of waqf
institutions to addressing financial inclusion in the academic world is limited. For these
reasons, this study proposes waqf banking products to address the issue of financial
inclusion and fill the gap. This study uses a qualitative approach with an exploratory
research design to answer research questions. The data collection methods used in this
study are a semi-structured interview and a focus group interview. The researcher has sent
the invitation for research interview sessions to all waqf organizations, available Islamic
banking institutions, microfinance institutions in Malaysia, and Muslim scholars for data
collection. Unfortunately, only a few of them agreed to be interviewed. This study tries to
answer research questions such as what waqf banking products are, how waqf banking
products can be created, who will benefit from waqf banking products, and where, why,
and when waqf banking products need to be made. The findings of this study show that the
development of waqf banking products could address the financial inclusion problem faced
by Malaysians and thus help B40 survive in this post-pandemic Coronavirus Disease 2019
(COVID-19) era. Although there were challenges in attempting to adopt waqf banking
products, such as the rules and regulations of waqf and banking, governance, and human
resources, the findings of this study could be a reference for bankers, policymakers, and
waqf organizations to develop waqf banking products in Malaysia. |
format |
Thesis |
author |
Mohd Asyraf Yusof |
author_facet |
Mohd Asyraf Yusof |
author_sort |
Mohd Asyraf Yusof |
title |
Waqf Banking Products for Financial Inclusion in Malaysia |
title_short |
Waqf Banking Products for Financial Inclusion in Malaysia |
title_full |
Waqf Banking Products for Financial Inclusion in Malaysia |
title_fullStr |
Waqf Banking Products for Financial Inclusion in Malaysia |
title_full_unstemmed |
Waqf Banking Products for Financial Inclusion in Malaysia |
title_sort |
waqf banking products for financial inclusion in malaysia |
granting_institution |
Universiti Sains Islam Malaysia |
url |
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my-usim-ddms-131572024-05-29T20:27:23Z Waqf Banking Products for Financial Inclusion in Malaysia Mohd Asyraf Yusof The combination of Waqf institutions and Islamic banking institutions has proven to catalyze Islamic economic development. Apart from that, these combinations can also address Malaysia's financial inclusion problem. Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to how individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, financing, equity, and takaful products. In recent years, there has been a massive gap in scientific research studying the involvement of waqf institutions, especially in addressing the financial inclusion problem. In particular, the innovation and use of cash waqf in waqf institutions are minimal. It will cause a slowdown in the development of the Islamic economy. Thus, the contribution of waqf institutions to addressing financial inclusion in the academic world is limited. For these reasons, this study proposes waqf banking products to address the issue of financial inclusion and fill the gap. This study uses a qualitative approach with an exploratory research design to answer research questions. The data collection methods used in this study are a semi-structured interview and a focus group interview. The researcher has sent the invitation for research interview sessions to all waqf organizations, available Islamic banking institutions, microfinance institutions in Malaysia, and Muslim scholars for data collection. Unfortunately, only a few of them agreed to be interviewed. This study tries to answer research questions such as what waqf banking products are, how waqf banking products can be created, who will benefit from waqf banking products, and where, why, and when waqf banking products need to be made. The findings of this study show that the development of waqf banking products could address the financial inclusion problem faced by Malaysians and thus help B40 survive in this post-pandemic Coronavirus Disease 2019 (COVID-19) era. Although there were challenges in attempting to adopt waqf banking products, such as the rules and regulations of waqf and banking, governance, and human resources, the findings of this study could be a reference for bankers, policymakers, and waqf organizations to develop waqf banking products in Malaysia. Universiti Sains Islam Malaysia 2023-07 Thesis en_US https://oarep.usim.edu.my/handle/123456789/13157 https://oarep.usim.edu.my/bitstreams/c47c6fd2-9f91-430d-9d90-9ad6d8ef62eb/download 52dd65d12ecbcd5b6fe30761d25f28db https://oarep.usim.edu.my/bitstreams/4363ccb1-0422-4796-80a5-c65163b5bb55/download f15502f8b1ea4505189760ae1670373b https://oarep.usim.edu.my/bitstreams/bf4a72b2-f775-49e5-823e-c78324fcf6f4/download 0cbc619aedd5ef5342a554b165d7a49f https://oarep.usim.edu.my/bitstreams/6d3462b2-5e3b-45fa-afe5-d1711285aa56/download 768de8dd6db6effd24de346f21bf1bc4 https://oarep.usim.edu.my/bitstreams/e4a5f53d-b720-4c6e-819f-785d8a825a1a/download 2569c728fd946c8b05b03bdf7031adec https://oarep.usim.edu.my/bitstreams/42db6c31-bfbd-429e-ade4-24db42f24d16/download 1b88ba5b8a48710ba7f92777d6d18593 https://oarep.usim.edu.my/bitstreams/f560fef9-3863-4543-b158-346ed42903f5/download 4e4c89a533ccda930547aafcb6b4d221 https://oarep.usim.edu.my/bitstreams/f7fe9ebd-ffc2-4e99-89fb-7652b32dc9a4/download 8ae5d60bfbcb3f89fdc620e767f8d8ef https://oarep.usim.edu.my/bitstreams/0631c3b0-db32-483a-bb3b-f78ec03671ba/download 867b300422892bbb419a8427412c8a1e https://oarep.usim.edu.my/bitstreams/4e2f0a79-139a-48ab-9cfe-fd3dcf5e4aca/download 25786e216a243312f49266513872636c https://oarep.usim.edu.my/bitstreams/3f6ba5b9-52f1-4b32-b424-104ffd954723/download 435d1cada3c272cadc9c1794f330e135 https://oarep.usim.edu.my/bitstreams/24c4663c-c83f-450f-a49b-d81a20466fe8/download 8a4605be74aa9ea9d79846c1fba20a33 https://oarep.usim.edu.my/bitstreams/138de5c4-fac2-4d48-8591-31bdab5b1b50/download 68b329da9893e34099c7d8ad5cb9c940 https://oarep.usim.edu.my/bitstreams/6cd7f482-6697-4382-a617-fa50ecb1a47c/download 41d0c7b81bfd76b303c3156022afe359 https://oarep.usim.edu.my/bitstreams/eafe09b9-f379-4b7b-b18a-679ca40bde35/download e9f038a880df7265d0e998315296dbae https://oarep.usim.edu.my/bitstreams/16162f79-16c8-405b-8dc7-2390ce510596/download 334d7ee02df2e1b679353b8c8367eba2 https://oarep.usim.edu.my/bitstreams/5a7a38b0-5e68-4f3d-8214-a5a5a72c3f17/download ab306cdcadfa93021a86c5e3b9811e56 https://oarep.usim.edu.my/bitstreams/5c7082c0-1b47-4130-be63-fe587cdbf0c5/download ed67930a345145d6784d90d259fa455e https://oarep.usim.edu.my/bitstreams/0ce9245a-c85d-44ea-93ff-866bf40f0135/download b4bdeab5349de472ced1eb1c24d6900b https://oarep.usim.edu.my/bitstreams/cbe351d3-5de0-4e1f-8e47-92ee2de10289/download 22f9ca20eeeacc0eff35268140e00169 https://oarep.usim.edu.my/bitstreams/7bac7a3c-e333-44aa-8d57-6da57e08fb83/download 13d08bc16d25a0043e279afb22dd7398 https://oarep.usim.edu.my/bitstreams/d6dca3bc-9075-4546-bab7-4d638d5f208d/download 93b2b94cb2e76c3c56c6d6ddf640af88 https://oarep.usim.edu.my/bitstreams/bc14e044-2a6d-4ff5-9114-2a33f8661b42/download 9bd80858bc8525e9f6482f7c52418300 Waqf--Malaysia. Banks and banking--Religious aspects--Islam. Finance--Malaysia. Waqf institutions, Islamic banking institutions, waqf banking products |