A study on the efficacy of Islamic pawn broking services in fulfilling socio–economic needs : a case of two cities Kuantan and Kuala Terengganu in Malaysia

Mohd Noar, Nor Zaihan and Islam, Mohd Aminul (2015) A study on the efficacy of Islamic pawn broking services in fulfilling socio–economic needs : a case of two cities Kuantan and Kuala Terengganu in Malaysia. In: 12th International Conference on Advances in Social Sciences ICASS, Kuala Lumpur, 28 - 29 December 2015, Kuala Lumpur.

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Abstract

In this paper we aim to examine the effectiveness of Al-Rahnu (Islamic pawn broking) services in fulfilling and enhancing socio-economic needs of its users as an alternative source of managing short term cash flow problem. To achieve our objectives we conducted a survey in two cities of Malaysia: Kuantan and Kuala Terengganu in the states of Pahang and Terengganu respectively. A sample of 128 users of Al-Rahnu services were used to collect data through distributing a semi-structured questionnaire. The results were analyzed via the cross tabulation using excel spreadsheets. The findings from this study revealed that the community, especially the Malay ethnicity found Al-Rahnu services effective in fulfilling their needs of getting access to small short term loans with fast and hassle freeway and hence making them loyal to Al-Rahnu services. This implies that the Al-Rahnu services are well accepted as a better mean to ease short term financial difficulties and hence able to empower socio-economic needs of the people. The fulfillment of needs are derived from two main components of Al-Rahnu survey questions i.e. the loan tenure and the loan sufficiency.

Item Type:	Conference or Workshop Item (Slide Presentation)
Additional Information:	6362/48192
Uncontrolled Keywords:	Islamic pawn broking services, socio–economic needs
Subjects:	B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > BP1 Islam > BP100 Sacred books > BP140 Islamic law (Fiqh) H Social Sciences > HG Finance Q Science > QA Mathematics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Science > Department of Computational and Theoretical Sciences
Depositing User:	Br Norzaihan Mohd Noar
Date Deposited:	15 Jan 2016 12:02
Last Modified:	18 Jul 2016 20:58
URI:	http://irep.iium.edu.my/id/eprint/48192

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