Takaful coverage schemes are increasingly accepted by society today, especially in Malaysia. However, it does not mean that the system has been set up by takaful companies really meet the Shariah principles or does not arise any issues. Among the issues that arise are the tabarru' contract in takaful practices have a downside though is not seen. A variety of solutions put forward to overcome that issue, among them introducing the waqf based takaful model. Therefore, this research will do a review and preliminary analysis of the needs of the waqf based takaful model in Malaysia. In addition, this study will identify the problems that exist if the waqf based takaful model applied in Malaysia. Kata Kunci: Takaful, model wakaf, tabarru’, keperluan.
The study aims to address the concept of wealth from the perspective of the Sharīʿah and its relationship to contemporary digital assets such as cryptocurrency (Bitcoin). The qualitative research approach is adopted for this research. The data is collected from several resources such as books, journal articles, reports, conferences papers, and websites. The data is analyzed through an explanatory research approach by providing scholars’ opinions and their arguments on the subject matter. The findings of this study show that Sharīʿah provides certain conditions to consider something as asset or currency from the Sharīʿah perspective. In regard to cryptocurrency (Bitcoin), the Sharīʿah rules vary based on the types of cryptocurrencies and whether cryptocurrency meets the conditions to be considered as currency or assets. Moreover, either cryptocurrency is an asset or currency, it should not contravene any Sharīʿah laws, such as ribā (interest) and gharar (uncertainty). Since Sharīʿah does not limit the currency to dirhams and dīnārs, Bitcoin can be considered as an alternative to the current currencies in a digital form. This would enable financial markets to move faster and secure transaction methods in the future. The policymakers might find this study beneficial to issue new guidelines and policy documents. The findings of the study might be interesting for cryptocurrency enthusiasts and investors to have a deeper understanding of cryptocurrency from the Sharīʿah viewpoint.
The development of technology and innovation has a significant influence on the current financial markets. Introducing new business models and transferring from traditional markets to the digital markets through those technologies are some ways of digital transformation. Zakat system has been a great part of Islamic economics and the financial system which has to embrace digitalization to be compatible with the current digital era. This research aims to address the current status of digitalization about the zakat management system in Malaysia and to explore the necessary improvement in embracing the digitalization by the zakat institutions. The research adopts a qualitative research approach where it collects the data from various sources such as books, journals, conference papers, and other relevant websites. To analyze the data, the research employs a descriptive and exploratory research technique. This study finds that despite having websites by the zakat institutions in Malaysia, the zakat system has a lack of data set of aṣnāf and proper data for the collected and distributed funds. Digital transformation is needed to observe the check and balance of the zakat funds’ collection and distribution. In addition, human development through zakat funds needs to embrace more development through digitalization. Moreover, the zakat institutions are encouraged to advance their readiness and understanding of technologies and innovation to embrace digital assets and their zakat-ability.
The Industrial Revolution 4.0 has contributed to the rapid development of information and communication technology. The result of various online applications and social media platforms has had a positive impact on human life. This development also indirectly contributes to the change in the pattern of services of social institutions such as zakat, especially involving the digital segment. Although there is an increase in the collection and distribution of zakat reported, specific issues often underlie the public's perception of the zakat management system. Therefore, this study is important in exploring the potential and challenges of digital platforms to improve the quality of services of zakat institutions in Malaysia, and further suggest improvements to ensure that zakat institutions remain competitive and relevant to current technological developments. This study aims to identify the potential and challenges of the implementation of the digital segment in the zakat management system in Malaysia. By using qualitative research, this study highlights the primary and secondary sources related to the digitisation of zakat. On top of that, this study reviewed the digitalisation approach implemented by each state on zakat's state website. The results of the data are then analyzed inductively to summarize the potential and challenges during the digitization of zakat in Malaysia. The findings summarise the adaptation potential of the digitalisation segment, which is large and still underexplored in each state. Ultimately, the adaptation of the digitalisation segment in zakat management has the potential to increase the efficiency and effectiveness of the quality of services of zakat institutions in Malaysia. Further field research is proposed to obtain more authentic data related to the direction and implementation of digital platforms on the sustainability of the development of zakat services in Malaysia.
Contrary to English law, classical fiqh does not have any clear discourse on the issue of the legal entity. In these modern times, however, it is important that this concept be given a jurisprudential review so that Islamic fiqh could keep abreast of the ever-changing and complex problems faced by Muslims. These include the imposition of zakat and the will on institutions and criminal liability of a company. A number of studies have been conducted on this issue and scholars have discussed their differing views. This study contributes to the literature through an analysis of the legal entity based on the views of classical and modern literature in relation to Islamic law and English law. For clarity and better understanding, the study provides a comprehensive picture of the concept by focusing on the notion of business accepted in English law. A qualitative approach had been adopted and the literature was synthesised inductively, deductively, and comparatively. The findings indicate a dichotomous view of the issues surrounding the concept of legal entity. Based on the analysis of the said discourse, it is found that such a concept has long existed and is embedded in Islamic law.
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