Waqf-Based Qardhul Hassan Financ A Preliminary Study of QAFSCALE Measuring Waqf-Based Qardhul Hassan Financing Receptiveness
Keywords:Donors, Islamic social finance, waqf, qardhul hassan financing, Malaysia
Understanding the elements favoured by waqif (donor) in engaging in waqf-based qardhul hassan financing has been a major topic of Islamic social finance, should and if it is implemented to better assist ummah amid financial and health crises, primarily in Malaysia. Previous studies, on the other hand, represented a narrow theoretical viewpoint and disregarded the significance of maqasid al-Shariah and its relationship to customers. Thus, using an Attia's maqasid method (Attia, 2010), this research constructs QAFSCALE to quantify waqif preference of waqf-based qardhul hassan financing in Malaysia. A total of 292 prospective donors responded in Kota Kinabalu, Sabah, Malaysia. Statistical Package of Social Science (SPSS) 21 was used to analyse the data. The results show that the family factor, consumer factor and the ummah factor were found important as constructs representing the QAFSCALE. Interestingly, this study introduces new QAFSCALE that measures waqif preference to donate in waqf-based qardhul hassan financing.
Al-Quran, (1997), English translation of the meaning of al-Quran, translated from Arabic by Muhammad Farooq-i-Azam Malik Houston, Texas, U.S.A: The Institute of Islamic Knowledge.
Abdul-Rahman, A. R. (2010), Introduction to Islamic Accounting Theory and Practice. Kuala Lumpur: Cert Publication.
Abubakar Zauro, N., Saad, R.A., & Sawandi, N. (2016), The moderating effects of financial inclusion on qardhul hassan financing preference in Nigeria: a proposed framework, 6(S7), 143-148.
Amin, H., Ghazali, M., & Supinah, R. (2010), Determinants of qardhul hassan financing preference among Malaysian bank customers: an empirical analysis. International Journal of Business and Society, 11(1), 1-16.
Amin, H., Abdul-Rahman, A.-R. & Abdul Razak, D. (2014), Theory of Islamic consumer behaviour: an empirical study of consumer behaviour of Islamic mortgage in Malaysia, Journal of Islamic Marketing, 5(2), 273-301.
Anwar, M. (2003), Islamicity of banking and modes of Islamic banking. Arab Law Quarterly, 18(1), 62-80.
Attia, G. E. (2010), Towards the realisation of the higher intents of Islamic law (N. Roberts, Trans.). Islamic Book Trust. Kuala Lumpur, Malaysia.
Auda, J. (2008), Maqasid al-Shariah as a philosophy of Islamic law: A system approach. London: The International Institute of Islamic Thought.
Bank Negara Malaysia Website (2021), (The Shariah Advisory Council of Bank Negara Malaysia (SAC), http://www.bnm.gov.my/index.php?ch=en_about&pg=en_thebank&ac=802, accessed on 6th July 2019)
Bernama (2020), Malaysia unemployment rate up at 4.7 per cent in October 2020. Available at: https://www.theedgemarkets.com/article/dosm-malaysia-unemployment-rate-47-october on the 30th January 2021.
Chapra, M.U. (2000), The future of economics: An Islamic perspective. United Kingdom: The Islamic Foundation.
Choudhury, M.A. (2019a), Meta-Science of Tawhid: A Theory of Oneness, Palgrave Macmillan, Switzerland.
Choudhury, M.A. (2019b), The Tawhidi Methodological Worldview: A Transdisciplinary Study of Islamic Economics, Springer, Singapore.
DOSM. (2019), Report on Household Income and Basic Amenities Survey 2019, accessed at (31th Jan 2021).
DOSM. (2021), Malaysia unemployment rate up at 4.8 per cent in November 2020. Available at: https://www.dosm.gov.my/v1/ on the 30th January 2021.
Dusuki, A.W. (2008), Understanding the objectives of Islamic banking: A survey of stakeholders’ perspectives. International Journal of Islamic and Middle Eastern Finance and Management, 1(2), 132-148.
Freedman, D., Pissani, R., & Purves, R. (2002), Statistics (4th ed.).USA: W.W. Norton & Company Inc.
Hwang, C. L., & Yoon, K. (1981), Multiple criteria decision making. Lecture Notes in Economics and Mathematical Systems.
Ibn Ashur, M.A. (2006), Ibn Ashur: Treatise on maqasid al-Shariah. London: The International Institute of Islamic Thought.
Ismail, A. G., & Possumah, B. T. (2010), Qardhul hasan principles applied to micro finance facilities. The 2nd International Workshop in Islamic Economics Theory: Islamic Micro-finance Towards Global Poverty Alleviation and Sustainable Development, 8-9 December 2010, Bangi, Malaysia.
Jamil, R. (2008), Analisis keperluan latihan teori dan praktis. Penerbit Universiti Teknologi Malaysia (UTM).
Kahf, M. (1999), Financing the development of awqaf property, The American Journal of Islamic Social Sciences, 16(4), 39-66.
Khan, M.F., & Ghifari, N.M. (1992), Shatibi’s objectives of Shariah and some implications for consumer theory. In Sadeq, A.M., & Ghazali, A. (eds.), Readings in Islamic Economic Thought. (pp. 176-202). Kuala Lumpur: Longman Malaysia.
Machfudz, M., & Kamila, N. (2019), Empowerment of small businesses through the implementation of qardhul hasan financing. Journal of Socioeconomics and Development, 2(2), 99-106.
Mohammed, M.O., Abdul-Razak, D., & Md-Taib, F. (2008), The performance measures of Islamic banking on the maqasid framework. Paper presented at IIUM International Accounting Conference (INTAC IV), organised by International Islamic University Malaysia, Putra Jaya.
Muneer, F., & Khan, F. (2019), Qard-al-hassan as a tool for poverty alleviation a case of Fael Khair Waqf Program in Bangladesh. Journal of Islamic Monetary Economics and Finance, 5(4), 829-848.
Obidullah, M., & Shirazi, N.S. (2015), Islamic Social Finance Report. (2015). Jeddah: Islamic Research and Training Institute (IRTI).
Pallant, J. (2005), SPSS survival manual: A step by step guide to data analysis using SPSS for Windows (version 15). Australia: Allen Unwin.
Prijadi, R., Wulandari, P., Desiana, P. M., Pinagara, F. A., & Novita, M. (2020), Financing needs of micro-enterprises along with their evolution. International Journal of Ethics and Systems, 36(2), 263-284
Sekaran, U., & Bougie, R. (2010), Research methods for business: A skill-building approach (5th edn.). West Sussex: John Wiley and Sons.
Shahwan, S., Mohammad, M. O., & Rahman, Z. A. (2013), Home financing pricing issues in the Bay’Bithaman Ajil (BBA) and Musharakah Mutanaqisah (MMP). Global Journal Al-Thaqafah, 3(2), 23-36.
Wulandari, P., & Kassim, S. (2016), Issues and challenges in financing the poor: the case of Baitul Maal Wa Tamwil in Indonesia. International Journal of Bank Marketing, 34(2), 216-234.
Zainal Abidin, A., Alwi, N. M., & Ariffin, N. M. (2011), A case study on the implementation of qardhul hasan concept as a financing product in Islamic banks in Malaysia. International Journal of Economics, Management and Accounting, 19(3), 81-100
How to Cite
Copyright (c) 2022 e-Jurnal Penyelidikan dan Inovasi
This work is licensed under a Creative Commons Attribution 4.0 International License.