This paper aims to innovate the existing financing model in Islamic Banking, with the combination of two instruments which are Cash Waqf and Qard Hasan. This study adopted content analysis as a tool to remodel Qard Hasan (QH) by highlighting Cash Waqf (CW) as a source of funding mechanism to facilitate B40 and M40 households in Malaysia. This model aims to provide an alternative for personal financing during the economic crisis and particularly post- Covid-19. QH via CW model was developed with strict Standard Operating Procedure to ensure stability to the targeted parties. Moreover, when the chance to borrow is easy, the purchasing power will increase, and the economy will be boosted.

The integration of Islamic commercial and social finance is receiving increasing attention, especially as the global economy attempts to recover from the aftermath of Covid-19. Therefore, it is important to examine what factors contribute to the success of the integration of Islamic commercial and social finance. One form of integration is operational integration between Islamic banks and ZISWAF institutions (zakat, infaq, sadaqa, and waqf). These institutions could offer various joint products, including specialized savings accounts where profit sharing is distributed directly to the social institution rather than to the account holders. The objective of this study is to analyse the determinants of Generation Zs intention to support the program. The Partial Least Square-Structural Equation Model is used to analyse the responses of 425 Muslim Gen Z in Bogor. The result shows that attitude, religiosity, knowledge, functional factor, and trust have a significant and positive influence on the intention to support the Islamic commercial and social integration. Moreover, trust also moderates the positive influence of knowledge on Gen Z intention.

A sound and stable financial system are essential to any banking and financial systems regulators. Bank Negara Malaysia (BNM), the Central Bank of Malaysia, has enforced several monetary policy tools to ensure an ideal money supply level in the market. Numerous monetary policy tools are adopted by policymakers and market regulators worldwide, such as open market operations, statutory reserve deposits, and discount policies. Among these market mechanisms, many central banks favored open market operations due to their ease of use and flexibility. This paper aims to analyze Islamic and conventional repos in Malaysia. The method of this study is based on library research. Open market operations involve purchasing and selling securities or short-term financial instruments such as the central banks repurchase agreements (repo). Islamic repo performs similar functions as those of the conventional market, except that Shariah laws and principles bound these functions. In other words, it provides an avenue for money market participants to invest short-term surplus funds or to obtain short-term funding in a Shariah-compliant way. The Islamic repos main distinct structure uses a host of Shariah-compliant contracts, whereas the conventional repo is primarily designed based on loans. In the modern Islamic financial industry, Islamic repo alternatives such as bilateral Islamic repo, collateralized murabahah, and the SBBA in the case of the Malaysian market are said to have a great deal of potential to serve the liquidity need of market participants.

The healthcare system has been struggling since its inception due to a shortage of funding. Zakat has the potential to offer a solution to the funding issue of the healthcare sector. The purpose of this study is to explore the utilization of zakat funds for the healthcare services in the private sector and to propose a conceptual framework for managing zakat funds as financial aid in the healthcare services. Efficient management of zakat institutions is needed to resolve the underlying issues and to optimize the usage of zakat funds in the healthcare sector. Literature has shown that there are many sectors that utilize zakat, but the impact of zakat in the healthcare sector is yet to be realized. The proposed conceptual framework holds significance in improving the livelihood of zakat recipients and leading the country towards poverty eradication by improving the quality of healthcare services. The study also urged establishing a zakat institution that adopts the proposed model and working on the zakat collection technique to channel the zakat fund in the healthcare sector.

This research seeks to illustrate chronologically the major historical development stages of the Algerian Hubus system. Most Waqf institutions in Algeria share a similar historical development pattern with other Islamic countries. The development of Hubus in Algeria will be divided into four main periods; the pre-Ottoman Caliph period; during the Ottoman Caliph period; French occupation period; and lastly the period of modern Algerian state. The aim is to boost knowledge and augment researchers’ thoughts regarding the practice of Waqf in Algeria since limited studies have addressed this issue in the context of Algeria. This study implements library research, and a conceptual approach as the method of analysis. Furthermore, the researchers assessed a significant body of relevant studies written on several aspects of the Hubus history in Algeria, to provide readers and scholars with lessons from Waqf institutions in Algeria throughout four different stages in history. While the Hubus institution performed a pivotal role in many societal segments of Algerians’ life during the two first stages, it has witnessed a massive deterioration in term of its impact during the post Ottoman era, especially during the French colonization period. The destructive consequences of the colonial period extremely hampered the efforts of the new Algerian state regaining the glorious role of Waqf institutions. The results shows that Waqf is one of the immutable national values in Algeria, and that has played a significant socio-economic role once recognized as the backbone of the economic system. Additionally, it emphasized the development of the Hubus system in Algeria, which offers a platform that facilitates understanding its status in the community, which suggests lessons to be learnt from and considered for the development of Waqf institutions. This study offers a discussion on the historical development phases of Hubus system in Algeria. Additionally, this study recommends that there is a need for more investigation on Algerian Waqf institutions. The results of this research may have some substantial suggestions for sustainable development in Muslim nations. As well, it gives a platform which facilitates the understanding of Algerian Waqf institutions, and solutions for the existing obstacles in this topic.

This research intends to identify the factors that have contributed to the recent increase in youth bankruptcy in Malaysia. This research may also provide beneficial and theoretical evidence and information to society, such as the government, family, youth, and future researchers, considering that young people are the primary backbone for national development. Hence this research comes with two objectives: to identify the relationship between sociodemographic (education level and occupation) factors and to determine the relationship between usage of credit cards, materialism and medical expenses to the increase in the number of young people declaring bankruptcy. Sociodemographic information about the respondents who filed for bankruptcy was acquired from the Malaysia Department of Insolvency (MDI) in Kuala Lumpur and Negeri Sembilan branches. The questionnaire was constructed using primary data and distributed to 119 people who had filed for bankruptcy with the Malaysian Department of Insolvency (MDI). Multiple Linear Regression method is used to examine the relationship. Education, occupation, credit card usage, materialism, and medical expenses are the five independent variables used to determine youth bankruptcy. As a result, three out of five turn out to be significant in explaining youth bankruptcy which are education, credit card usage and medical expenses. A great deal of misconception has been practiced by many youths nowadays, seeing as they do not acknowledge how severe the problem is and what the causal effects will be, due to their inattention to financial management.

In March 2020, the Kingdom of Saudi Arabia (KSA) received a report of the first Covid-19 case. Since then, the number of cases has gradually increased daily. The KSA announced on March 20, 2021, that both domestic and international travel will be halted, Umrah would no longer be performed starting on March 3, 2020, and, the Great Mosque has been closed to the public for more than two months starting on March 6, 2020. This caused the religious tourism Umrah Ziarah (Visit) business to experience a loss of up to 45% from the prior year. Nearly all the hotels in Mecca and Madinah that were neighbouring to the two grand mosques during the crisis were severely damaged and briefly shut down. This situation had a major consequence on Umrah operators and travel agencies, who are the principal entities in direct contact with the end customers. This study intends to investigate the challenges and opportunities of Umrah and Hajj operators and travel agencies business activities following the Covid-19 pandemic. It focuses on the recovery processes, business reinstatement, and operation restoration. In-depth face to face unstructured interview techniques were conducted with six (6) informants who are directly involved in the Umrah and Hajj operations to gather the data. These were analysed using cross-case and thematic analysis. The findings indicated that the main factors that sustain Umrah travel agencies operating are their entrepreneurial talents. The major traits inherent in each entrepreneur in seizing the business prospects prevalent under all market conditions are innovation and imagination along with relevant expertise gained from prior experience. The methodologically address the challenges and seize opportunities rather than ignore them. Though government assistance were made available to the businesses, but it is not the only option nor lessen the negative effects. The ultimate solution is still within the entrepreneurial ingenuity of the business owner.

The zakat distribution impact assessment aims to evaluate zakat programs effectiveness, efficiency, and societal impact in alleviating poverty, promoting social welfare, and empowering the asnaf (zakat recipients). Zakat management agencies, like any other organization, must demonstrate the capability to operate at their optimum and efficient level to ensure the rationale of their existence. As such, a performance indicator to measure a zakat organizations effectiveness in distributing zakat is of paramount importance. The findings of this impact assessment provide valuable insights for zakat authorities, policymakers, and stakeholders in Malaysia. This paper provides impact assessment frameworks to implement in zakat institutions in Malaysia.

Social Impact Measurement (SIM) is a crucial procedure for assessing and validating the social impact of various activities. Within this context, Waqf endeavours to fulfil Maqasid al-Shariah, encompassing the pursuit of Sustainable Development Goals (SDGs). Nevertheless, the absence of a robust mechanism to verify and measure the impact of Waqf, particularly in India, remains a significant challenge. Existing literature on Waqf in India predominantly focuses on administrative issues, neglecting impact assessment. This research aims to explore the current SIM mechanisms implemented by Waqf organisations in Karnataka, India. Furthermore, this study proposes potential mechanisms that Waqf administrators can leverage to streamline impact assessment and reduce the workload and expenses of Waqf organisations Identifying the existing mechanisms serves as a preliminary step towards the efficient development of a SIM framework for Waqf in Karnataka, empowering Waqf administrators. By employing content and thematic analysis methods, as well as interviews with Waqf organisations, the study uncovers that despite Waqfs contributions towards achieving numerous Maqasid al-Shariah and SDGs in Karnataka, the organisations have not maximised their full potential in measuring and reporting these impacts to relevant stakeholders.

This paper elucidates the mediating role of Islamic Financial Institutions in addressing financial exclusion in northern Nigeria, using poverty, awareness, religiosity, and attitude toward government policy as explanatory factors. The study employed a random sampling of 450 respondents using Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) was used for data analysis. The secondary data were generated from Nigerian Security Exchange Commission under Islamic Finance Development Indicator. The study identified some theoretical and managerial contributions. The research indicates a highly effective mediation of Islamic financial institutions’ performance in addressing financial exclusion in northern Nigeria. The study also contributed significantly to the literature by using the mediating variable to address financial exclusion. The present study developed an integrated model which defines financial exclusion and its approach through the mediation role of Islamic financial institutions in addressing the financial exclusion and poverty reduction in northern Nigeria.