Waqfintech and Sustainable Socio-Economic Development

Mohsin, Magda Ismail Abdel

doi:10.18646/2056.63.19-009

Cited by 16 publications

(14 citation statements)

References 12 publications

(19 reference statements)

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“…One of the key examples of actionable support provided by VBI is the authorization of national groups, including Muslims and non-Muslims, to participate in projects supporting social issues. In 2019, there were six Islamic banks that were actively involved in cash waqf collections (Mohsin, 2019). These were:…”

Section: Introductionmentioning

confidence: 99%

Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives

Shatar

Hanaysha

Tahir

2021

IJIF

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Purpose This paper aims to test the main factors that affect cash waqf collection among the employees of Islamic banking institutions (IBIs) in Malaysia. Design/methodology/approach The data was gathered using a survey method from 218 employees of IBIs in Malaysia. The obtained data was analyzed using the Statistical Package for the Social Sciences software and smart partial least squares-structural equation modeling to verify the hypothesis and reach conclusions. Findings The results revealed that word of mouth and trust have significant positive impacts on cash waqf collection. The outcomes also confirmed that convenience and accessibility to cash waqf play significant roles in affecting cash waqf collection. Originality/value Based on the researchers’ knowledge, there are only a few studies which focused on measuring the driver of cash waqf collection from the employees’ perspective, particularly in the Malaysian context. This study specifically applies the theory of reasoned action to determine employees’ attitudes toward cash waqf fund collections in IBIs in Malaysia. Having an understanding of the factors that influence employees to contribute to cash waqf would better equip IBIs in managing their cash waqf contributions and in designing their marketing and branding strategies for promoting their institutions.

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Section: Introductionmentioning

confidence: 99%

Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives

Shatar

Hanaysha

Tahir

2021

IJIF

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“…Until February 2019, when Fonterra, a technology organization, managed to launch the WAQF chain, focusing on how Blockchain could be included in WAQF. In the project, Fonterra proposed a platform that could solve liquidity issues; by using Blockchain to raise funds for the development of projects aimed at helping the orphans and the vulnerable (Mohsin, 2019). Blockchain has provided some hope to rejuvenate the glory days of Waqf.…”

Section: The Use Of Blockchain In Waqfmentioning

confidence: 99%

Using Blockchain in WAQF, Wills and Inheritance Solutions in the Islamic System

Walaa¹

2021

IJEBA

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Purpose:The paper aims to provide a review of literature on the Islamic social institution of WAQF, dissecting the components of WAQF and the classic Islamic laws that guide its formation and implementation. WAQFs are Islamic social finance institutions that have played a critical role in achieving sustainable development in Islamic society. During the Ottoman era, it was operated effectively to ensure the founder's wishes until the advent of Islamic finance. The study highlights the challenges that the WAQF institution faces and the viability of the Blockchain system in mitigating these challenges and managing WAQF across the globe, which should help achieve the convectional objectives WAQF. Approach/Methodology/Design: The study reviewed the most recent research papers on the WAQF Islamic social finance institution to isolate the institution's components, legal framework and challenges, and outline the solutions Blockchain system can provide. Findings:The study shows that the main challenge obstructing the rejuvenation of the WAQF system to its lost glory has been lack of data, compromised historical records in the event of the Founders' demise, lack of transparency, and inappropriate auditing. Through smart contracts on Blockchain, there is a surety of efficacy and effective performance of WAQF institution and the realization of the founders' objectives. Practical Implications: The study will contribute positively to understanding the historical importance of WAQF as an Islamic social institution and a predecessor to Islamic finance for academia and the possibility of utilizing Blockchain systems in managing WAQF transactions across the globe. Originality/Value: This study believes in contributing to the Blockchain system's understanding as a possible solution to the challenges facing the Islamic social finance system.

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“…Therefore, Sharia Fintech is here to help unbanked or underbanked people. Some non-profit organizations have also adopted the advancement of innovative financial technologies such as fintech for sustainable socioeconomic development (Mohsin, 2019). One nonprofit organization that applies fintech is a waqf institution that consistently provides social welfare services in the context of social entrepreneurship (Alam et al, 2018;Aliyu, 2019).…”

Section: Basrowi Social Impact Of Financial Technology and Islamic Economics Educationmentioning

confidence: 99%

Social Impact of Financial Technology and Islamic Economics Education

Basrowi¹

2021

Sinergi J. Ilm. Ilmu Manaj

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The purpose of this study is to test hypotheses about how the impact of financial technology (Fintech) and Islamic economic education in improving social welfare. Correlational quantitative research was chosen to reveal the social impact of the two variables. The research population is all people in Lampung Province, Indonesia who are educated in Islamic economics, who at the time of the study were at least sitting in the fifth semester undergraduate program. The sample is 308 people or 10% of the population of 3080 people. Data were collected using a questioner that was shared using Google Form. Data analysis was performed using a structural equation model (SEM) approach with the Lisrel 8.80 program. The results showed that, the social impact of utilizing financial technology and Islamic economic education includes two aspects, namely positive and negative impacts which are all related to people's economic behavior, economic learning, and psychological and spiritual health. Positive impacts dominate more than negative impacts.

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Waqfintech and Sustainable Socio-Economic Development

Cited by 16 publications

References 12 publications

Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives

Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives

Using Blockchain in WAQF, Wills and Inheritance Solutions in the Islamic System

Social Impact of Financial Technology and Islamic Economics Education

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