Factors influencing the investment decision behaviour among young Muslim adults in Malaysia

The main objective of the study is to explore the factors influencing the investment decision behaviour among young Muslim adults in Malaysia, and in turn highlight gaps that exist in the academic literature on the variables. Particularly, the study employs the Theory of Planned Behaviour as the main framework with additional variables, namely financial literacy, herding behaviour, and perceived taqwa. This paper highlights the discussion on TPB factors and their relationship with investment decision behaviour among young Muslim adults. The outcome of this study shows that almost all variables are deemed to be associated with investment decision behaviour. This study provides a better understanding of young Muslim adults’ investment decision behaviour among academicians, regulators and practitioners. The paper extends the understanding of TPB to newly emerging contexts such as financial literacy, herding behaviour, and perceived taqwa in understanding factors influencing the investment decision behaviour among young Muslim adults

Review of waqf blockchain for Islamic finance education: a case of Universiti Malaysia Sabah

The main objective of the study is to provide a platform for financial assistance to Islamic finance students to enrol for a professional certificate from selected Islamic finance institutions, and in addition, highlight the gaps that exist in academic literature on the role of waqf, the challenges in distributing waqf education to graduate students. The study also provides an illustration of a prototype of waqf blockchain for Islamic finance education. Particularly, the implementation of waqf for higher education is to give a value added to the students by giving them a financial aid to enrol for the professional certificate. Moreover, the effectiveness of providing waqf education depends on methods, acts and regulations, management structures and stakeholders or investors that invest in waqf education. This is a conceptual paper that highlights the discussions on waqf blockchain for Islamic finance education. The outcome of this study is a proposed prototype for waqf blockchain for Islamic finance education. This study provides a better understanding on waqf for higher education among academicians, regulators and practitioners. Limitations and recommendations for future research are also discussed

Penelitian susun atur akad dalam borang takaful kenderaan di Malaysia: Kajian perbandingan borang takaful kenderaan di Malaysia dan Jordan

Takaful ialah alternatif kepada insurans konvensional yang telah difatwakan haram oleh jumhur ulama kerana mengandungi unsur-unsur riba, gharar, dan perjudian.Walau bagaimanapun akad takaful yang berteraskan tabarru’ masih wujud kekurangan antaranya, ianya banyak menyerupai insurans biasa daripada segi penjualan polisi perlindungan, pengurusan dana dan dalam proses pengunderaitan serta pengkelasan risiko yang menjadikannya lebih rumit untuk difahami oleh masyarakat.Berdasarkan susun atur dan perletakan ayat dalam borang akad takaful kenderaan berkemungkinan menjadikan penyebab sumber kecelaruan pemahaman dalam membuat akad dan pengandalian borang akad takaful kenderaan yang hampir menyerupai konsep insurans konvensional. Hal ini boleh menimbulkan kebimbangan dan kajian perlu dijalankan terhadap perletakan konsep akad di dalam helaian borang daripada pelbagai segi terutamanya dengan melihat bagaimana negara lain seperti negara Jordan menghasilkan borang akad takaful kenderaan mereka sebagai langkah memurnikan urusan akad itu sendiri

Establishing zakat on oil and gas in Malaysia: a new insight

Purpose – The purpose of this paper is to deliberate on the establishment of zakat (Islamic alms) on oil and gas in Malaysia. Being one of the five Islamic pillars, zakat contributes significantly to the country’s socio-economic development and prosperity. However, in Malaysia and other Islamic countries, there is not yet a proper mechanism for calculating zakat on extracted minerals. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, are subject to zakat payment. In Malaysia, however, this is not the case. Design/methodology/approach – This study uses a qualitative method. It presents a thorough review on the stipulation for paying zakat on minerals, specifically oil and gas. The deliberation is based on secondary data entailing a comprehensive content analysis of prominent books on the subject, current zakat rulings and legal acts on oil and gas. Findings – Oil and gas are subject to zakat payment, as indicated in several Qurʾanic verses and based on the academic reasoning of Muslim scholars. The zakat calculation for oil and gas entails the nisab (minimum threshold value of the assets) but not the h. awl (the requirement for one full Islamic year of ownership for the assets), by analogy with zakat on agricultural produce. Despite the obligation to pay zakat on minerals under the zakat al-mal (alms due on wealth) category, oil and gas is yet to be fully subject to this practice in Malaysia, although the country is known as an oil-producing Muslim country. Several legislative acts covering the managerial and business side of oil and gas operations have long been established, but the provision on zakat remains unclear. Hence, comprehensive legislation is needed to fine-tune the Malaysian oil and gas system, particularly with regard to zakat. Research limitations/implications – This study relies mainly on secondary data and literature without performing any empirical investigations. Practical implications – In terms of academic implication, this study enriches the existing body of knowledge on zakat. Practical implications would include enhanced decision-making concerning zakat on oil and gas on the part of zakat institutions, policymakers and the government of Malaysia. Originality/value – This study provides practical and academic contributions to the deep understanding of zakat on oil and gas, which has received very little attention in the existing body of literature. Despite being limited in literature, this is a breakthrough study that sheds light on zakat on oil and gas

Susun atur akad borang takaful kenderaan di Malaysia: perbandingan borang takaful kenderaan di Malaysia dan Jordan

Akad adalah sesuatu yang sangat penting dalam muamalat. Telah dikenal pasti akad takaful yang berteraskan tabarru’ masih wujud kekurangan yang hampir menyerupai insurans konvensional daripada segi penjualan polisi perlindungan, pengurusan dana dan dalam proses pengunderaitan serta pengkelasan risiko yang menjadikannya lebih rumit untuk difahami oleh masyarakat. Berdasarkan susun atur dan perletakan ayat serta terlalu panjang padat dan penuh dalam borang akad takaful kenderaan berkemungkinan menjadikan penyebab sumber kecelaruan pemahaman dalam membuat akad dan pengandalian borang akad takaful kenderaan yang hampir menyerupai konsep insurans konvensional. Hal ini boleh menimbulkan kebimbangan dan kajian perlu dijalankan terhadap perletakan konsep akad di dalam helaian borang daripada pelbagai segi. Perbandingan negara Jordan menghasilkan borang akad takaful kenderaan telah digunakan dalam kajian sebagai pengukur