Considering the reverberations of financial crisis of 2007–09 that the banking industry terribly witnessed, this paper aims to estimate both the non-bias-corrected and bias-corrected efficiency by employing the data envelopment analysis and Simar–Wilson double bootstrapping regression techniques over the period of 2011–2017 and see how the financial inclusion impacts on Islamic banks. This study finds that most of the countries, except some Asian and Middle-Eastern countries, have inconsistent efficiency trends in Islamic banking sector. It also shows that financial inclusion is significantly allied with Islamic banking efficiency. Eventually, the results propose that Islamic banks are still bearing the consequence of that economic recession and, therefore, bank should focus more on financial inclusion since those banks having sound and inclusive financial environment are seen enjoying higher level of financial efficiency.
This paper studies on the Maqasid al-Shariah philosophy with the aim establish an appropriate Islamic monetary regime in achieving the aspiration of Shariah that promote inclusive and sustainable growth of the ecosystem.From the analysis, this study shows that Islamic monetary mechanism and instruments as well as Islamic financial institutions (IFIs) operations are still exposed to the practice that are prohibited in Islam and also influenced by monetary policy tools and transmission channels set by the Central Bank. The study supports and affirms the establishment of an Islamic monetary system that transmits the monetary policy through channels with interest free and risk sharing Islamic instruments. For that, an equitable distribution of wealth for social Islamic justice as well as a balance inclusive and sustainable economic well-being would be attained.
Cash waqf is another form waqf made with cash collected in a trust fund and can be utilized as an alternative source of funding for society and ummah. The public knowledge and understanding of waqf are limited to the concept of waqf land for building mosques and cemeteries only. It is crucial to educate and enhance the public knowledge of cash waqf to motivate their willingness to contribute to the cash waqf fund. Based on the Cash Waqf Certificates Collection by Yayasan Wakaf Malaysia, total cash waqf collection for health purposes is the lowest compared to education and economic development. Therefore, it is essential to further explore the public view in cash waqf for health purposes. There are very few studies on the awareness of cash waqf specifically as an alternative financing source for public health expenditure. Thus, this study aims to fill the gap. It is found that many of the respondents are aware of cash waqf and have been donated through the cash waqf fund. Besides, most of them agreed if cash waqf is used to fund public health expenditure in Malaysia. In conclusion, public no longer perceive waqf as limited to traditional purposes such as land and fixed properties.
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