Remodeling Qard Hasan with cash waqf fund: economic stability solution post Covid-19

Ibrahim, Zulkefly and Mahadi, Nur Farhah and Zakariyah, Habeebullah and Hasan, Aznan (2023) Remodeling Qard Hasan with cash waqf fund: economic stability solution post Covid-19. AZKA International Journal of Zakat and Social Finance, 4 (2 (Special Issue)). pp. 1-23. ISSN 2735-1890 E-ISSN 2716-6643

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Abstract

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. Opportunity implementing the QH via CW fund is timely and important as an alternative solution to sustain the country's economy and the result shows that QHCW can be implemented without impediment from the standpoint of Sharīʽah law. In conclusion, the QHCW model contributes to the innovation of current personal financing techniques and emerges as a new competitor to advance the Islamic banking industry through innovation, especially in the face of the economic crisis.

Item Type:	Article (Journal)
Uncontrolled Keywords:	QardHasan, Cash Waqf, Post Covid-19, Financial Sustainability
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH741 Waqf
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Nur Farhah Mahadi
Date Deposited:	16 Aug 2023 12:03
Last Modified:	16 Aug 2023 12:03
URI:	http://irep.iium.edu.my/id/eprint/106005

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