Protection of wakaf-zakat properties for the needy and poor via takaful

In Islam, wakaf and zakat are instruments aimed at helping the needy and poor. Consequently, wakaf and zakat authorities design schemes including funding the building of new properties for the needy and poor or repairing their existing properties. Naturally, the completed properties and their conten...

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Main Authors:	Mohd Fauzi, Puteri Nur Farah Naadia, Abdul Rashid, Khairuddin
Format:	Conference or Workshop Item
Language:	English
Published:	Kolej Universiti Islam Antarabangsa Selangor 2017
Subjects:	HG8719 Islamic Insurance Takaful TH Building construction
Online Access:	http://irep.iium.edu.my/67525/ http://irep.iium.edu.my/67525/ http://irep.iium.edu.my/67525/23/67525%20Protection%20of%20Wakaf-Zakat%20Properties.pdf

id	iium-67525
recordtype	eprints
spelling	iium-675252018-11-21T02:49:59Z http://irep.iium.edu.my/67525/ Protection of wakaf-zakat properties for the needy and poor via takaful Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin HG8719 Islamic Insurance Takaful TH Building construction In Islam, wakaf and zakat are instruments aimed at helping the needy and poor. Consequently, wakaf and zakat authorities design schemes including funding the building of new properties for the needy and poor or repairing their existing properties. Naturally, the completed properties and their contents are exposed to a variety of risks such as fire and natural disasters, hence the need for appropriate protection. According to Shariah, such protection is allowed through takaful. However, literature is lacking on the provision of risk protection of wakaf and zakat properties and contents therein. As such little is known about the concept of risk protection of wakaf and zakat properties designated or occupied by the needy and poor. This paper endeavours to unveil the concept of risk protection of wakaf and zakat funded properties belonging to or occupied by the needy and poor, highlights its importance and identify the means available to the wakaf and zakat authorities for securing the required risk protection. The paper is conceptualized through desk study and review of wakaf and zakat authorities’ manual guidelines and reports on the provision of takaful as protection of wakaf and zakat funded properties and contents therein. Results from the study suggest that (i) importance of takaful to protect properties are acknowledged, but there appears lackadaisical attitudes in terms of the important of takaful in protecting properties belonging to wakaf and zakat authorities and occupied by the needy and poor; (ii) unclear provision of takaful as stated in wakaf and zakat authorities’ reports in terms of management and procurement, operations, and amount allocated and spent for takaful contribution in protecting wakaf properties as well as assisting the relevant asnaf via zakat fund; and (iii) authorities lack forward thinking in terms of the need for such risk protection and therefore unable to design schemes that extend the assistance given to the needy and poor in providing the necessary funds to pay for the contributions on their behalf. This paper is considered significant in terms of (i) highlighting the need for risk protection of properties belonging to or occupied by the needy and poor so that should unfortunate events occur, the needy and poor would not be ‘out of pocket’ and the authorities do not have to dig deeper into their coffers for the necessary funds needed for repairs and rebuilding; and (ii) the idea of wakaf, zakat and takaful to collaborate is considered a novelty in effort to reduce the cost of contributions and to achieve efficiency and effectiveness in the services provided thereto. Kolej Universiti Islam Antarabangsa Selangor 2017 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/67525/23/67525%20Protection%20of%20Wakaf-Zakat%20Properties.pdf Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin (2017) Protection of wakaf-zakat properties for the needy and poor via takaful. In: 4th International conference on masjid, zakat and waqf management 2017 (i-MAF 2017), 9th & 10th December 2017, Selangor. http://conference.kuis.edu.my/i-maf/images/eproceedings/2017/157-171-imaf-2017.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG8719 Islamic Insurance Takaful TH Building construction
spellingShingle	HG8719 Islamic Insurance Takaful TH Building construction Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Protection of wakaf-zakat properties for the needy and poor via takaful
description	In Islam, wakaf and zakat are instruments aimed at helping the needy and poor. Consequently, wakaf and zakat authorities design schemes including funding the building of new properties for the needy and poor or repairing their existing properties. Naturally, the completed properties and their contents are exposed to a variety of risks such as fire and natural disasters, hence the need for appropriate protection. According to Shariah, such protection is allowed through takaful. However, literature is lacking on the provision of risk protection of wakaf and zakat properties and contents therein. As such little is known about the concept of risk protection of wakaf and zakat properties designated or occupied by the needy and poor. This paper endeavours to unveil the concept of risk protection of wakaf and zakat funded properties belonging to or occupied by the needy and poor, highlights its importance and identify the means available to the wakaf and zakat authorities for securing the required risk protection. The paper is conceptualized through desk study and review of wakaf and zakat authorities’ manual guidelines and reports on the provision of takaful as protection of wakaf and zakat funded properties and contents therein. Results from the study suggest that (i) importance of takaful to protect properties are acknowledged, but there appears lackadaisical attitudes in terms of the important of takaful in protecting properties belonging to wakaf and zakat authorities and occupied by the needy and poor; (ii) unclear provision of takaful as stated in wakaf and zakat authorities’ reports in terms of management and procurement, operations, and amount allocated and spent for takaful contribution in protecting wakaf properties as well as assisting the relevant asnaf via zakat fund; and (iii) authorities lack forward thinking in terms of the need for such risk protection and therefore unable to design schemes that extend the assistance given to the needy and poor in providing the necessary funds to pay for the contributions on their behalf. This paper is considered significant in terms of (i) highlighting the need for risk protection of properties belonging to or occupied by the needy and poor so that should unfortunate events occur, the needy and poor would not be ‘out of pocket’ and the authorities do not have to dig deeper into their coffers for the necessary funds needed for repairs and rebuilding; and (ii) the idea of wakaf, zakat and takaful to collaborate is considered a novelty in effort to reduce the cost of contributions and to achieve efficiency and effectiveness in the services provided thereto.
format	Conference or Workshop Item
author	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_facet	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_sort	Mohd Fauzi, Puteri Nur Farah Naadia
title	Protection of wakaf-zakat properties for the needy and poor via takaful
title_short	Protection of wakaf-zakat properties for the needy and poor via takaful
title_full	Protection of wakaf-zakat properties for the needy and poor via takaful
title_fullStr	Protection of wakaf-zakat properties for the needy and poor via takaful
title_full_unstemmed	Protection of wakaf-zakat properties for the needy and poor via takaful
title_sort	protection of wakaf-zakat properties for the needy and poor via takaful
publisher	Kolej Universiti Islam Antarabangsa Selangor
publishDate	2017
url	http://irep.iium.edu.my/67525/ http://irep.iium.edu.my/67525/ http://irep.iium.edu.my/67525/23/67525%20Protection%20of%20Wakaf-Zakat%20Properties.pdf
first_indexed	2023-09-18T21:35:51Z
last_indexed	2023-09-18T21:35:51Z
_version_	1777412815053651968

Protection of wakaf-zakat properties for the needy and poor via takaful

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