Developing strategic risk management planning framework in facing Covid-19 at Lembaga Zakat Negeri Kedah (LZNK)
The pandemic of COVID-19 has badly affected the overall socio-economic aspects of industries, societies and human activity at different levels and requires an interdisciplinary approach related to strategic planning. Strategic risk organizational success planning is the best when performance is meas...
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| Main Author: | |
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| Format: | Thesis |
| Language: | eng eng |
| Published: |
2022
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| Subjects: | |
| Online Access: | https://etd.uum.edu.my/10244/1/s824280_01.pdf https://etd.uum.edu.my/10244/2/s824280_02.pdf |
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| Summary: | The pandemic of COVID-19 has badly affected the overall socio-economic aspects of industries, societies and human activity at different levels and requires an interdisciplinary approach related to strategic planning. Strategic risk organizational success planning is the best when performance is measured as effectiveness, and when strategic risk planning is measured as structured strategic risk planning. Therefore, all the organization that affected with this pandemic need to re-structure their future strategic risk management planning and approach to reduce its impact, including, zakat institution in Malaysia. Moreover, the growing amount of asnafs is also reported. As a result, the situation becomes more difficult as zakat collection during the pandemic is reported to be declined and insufficient because special and emergency fund allocation is needed. This tough situation is happening to most zakat institutions in Malaysia, including Kedah. Thus, in order to ensure that zakat is adequate and can be distributed to the vulnerable asnafs in Kedah, LZNK needs to establish a strategic risk management plan by considering various external and internal factors affecting the collection of zakat at LZNK and other relevant strategies of the plan. The purpose of this study is to propose a strategic risk management planning framework for LZNK in facing COVID-19 pandemic. This study decentralizes the scenarios posed in the current literature and aims to address practical implications in response to the decreasing amount of zakat collection during COVID-19 pandemic in Malaysia. In general, three objectives have been designed for this study; to identify the issues and challenges faced by LZNK during COVID-19 pandemic, to explore the current strategic risk management planning practiced by LZNK and to develop strategic risk management planning framework for LZNK in facing COVID-19 pandemic. For research methodology, this study uses qualitative approach and Lembaga Zakat Negeri Kedah (LZNK) was chosen as a case study. The data collection process was done through literature reviews and interviews with twelve informants from LZNK officers, zakat scholars, zakat payers and asnafs. Meanwhile, the process of data analysis involved thematic analysis. This study found that LZNK is facing various challenges in developing a risk planning framework to face the COVID-19 pandemic particularly in the areas of administration, finance, human resources, accounting and reporting. Also, it is found that LZNK has the potential to develop its strategic risk management planning framework in facing COVID-19 pandemic. The result of the study is a strategic risk management planning framework that can be put into practice to help LZNK deal with the challenges posed by the COVID-19 pandemic. This study is beneficial to the development of zakat and society in general as it finds innovative and efficient ways to incorporate strategic management with the Islamic finance institution. In short, this study helps researchers who are interested in Islamic finance growth and development and addresses the methods of poverty alleviation for Muslims and considers both Islamic and contemporary ways of improving economic conditions. |
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