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...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
IIUM Press
2020
|
| Subjects: | |
| Online Access: | http://irep.iium.edu.my/82862/ http://irep.iium.edu.my/82862/1/Journal%20Usul%20Fiqh_Takaful%20Model.pdf |
| _version_ | 1848789381993725952 |
|---|---|
| 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 |
| building | IIUM Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-14T17:55:49Z |
| format | Article |
| id | iium-82862 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T17:55:49Z |
| publishDate | 2020 |
| publisher | IIUM Press |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-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 |
| 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 |
| title | 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_short | 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 |
| topic | H Social Sciences (General) H10 Societies HJ Public Finance |
| url | http://irep.iium.edu.my/82862/ http://irep.iium.edu.my/82862/ http://irep.iium.edu.my/82862/1/Journal%20Usul%20Fiqh_Takaful%20Model.pdf |