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Investment of Tabung Masjid in Malaysia toward fulfilling Maqasid-Al-Shariah

Zakariyah, Luqman and Mhd. Sarif, Suhaimi and Mohd Nor, Azman and Ahmad H.Osman, Rahmah (2022) Investment of Tabung Masjid in Malaysia toward fulfilling Maqasid-Al-Shariah. In: Islamic Philanthropy: Exploring Zakat, Waqf and Saqadah in Islamic Finance and Economics. Palgrave Macmillan, Switzerland AG, pp. 255-274. ISBN 978-3-031-06889-8

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This study aimed at providing insights on TM investment and its significance in fulfilling Maqasid-al-Shariah in the context of Malaysia. Two sets of hypotheses were formulated to test first, whether a significant difference exists in the intention to invest TM, and second, the causal relationship between TM investment and economic development indicators as proxies for three objectives of Shariah, that is, Tahadhib al-Fard Iqamah al-‘Adl and Al- Maslahah. Mosques are expected to conduct quality programmes according to Islamic principles, and the active involvement of community members in fund generation activities will increase the source of funds and increase the ability of mosques to meet such expectations. Good internal controls can enhance the transparency of mosques, which might enhance donors’ confidence to contribute more funds to mosques. This study indicates that mosque management should become concerned about the investment of surplus donations due to its relevance in achieving the greater objectives of the Shari’ah. Mosques in Malaysia have different strategies for investing TM and need to find a uniform platform for making a significant contribution to economic development. Several administrative and management issues must be looked into before empowering mosques to invest funds for the purpose of expanding their economic activities. Evidence provided by this study is based on personal opinions and forecasts, which may not portray the actual situation regarding TM investment. This study has identified the preferences of mosques in saving donations in Islamic banks but could not explore the possible reasons for such decisions. Future research on such issues will explain the preference towards faith-based banking among mosques in Malaysia.

Item Type: Book Chapter
Uncontrolled Keywords: Tabung Masjid, Investment, Maqasid al-Shariah, Malaysia
Subjects: BPH Islamic Economics > BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development
BPK Islamic law. Shari'ah. Fiqh > BPK36 Islamic law (General) > BPK78 Usul al-fiqh > BPK109 Sources of Islamic law > BPK121 Ijtihad > BPK125 Applicability of Ijtihad. Instances of application > BPK125.2 Harmonisation of Shari’ah and law
BPL Islamic education > BPL27 Aims and objectives of education. Sustainable education
H Social Sciences > HF Commerce > HF5001 Business. Business Administration > HF5387 Business ethics
H Social Sciences > HM Sociology > HM826 Social institutions
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Kulliyyah of Economics and Management Sciences > Department of Business Administration
Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Arabic Language and Literature
Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Fiqh and Usul al-Fiqh
Depositing User: Dr Suhaimi Mhd Sarif
Date Deposited: 04 Oct 2022 09:18
Last Modified: 04 Oct 2022 09:18
URI: http://irep.iium.edu.my/id/eprint/100324

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