Zul Aizat Hamdan
Universiti Sains Islam Malaysia

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The Malay Worldview and the Question of Poverty: Towards a Human-Centred Development Economics Muhammad Suhaimi; Fuadah Johari; Nuur Halimatus Saadiah Masrukhin; Zul Aizat Hamdan
Tazkia Islamic Finance and Business Review Vol. 20 No. 1 (2026): TIFBR
Publisher : Faculty of Islamic Business and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/tifbr.v20i1.535

Abstract

تناول علم اقتصاد التنمية المعاصر قضية الفقر في الغالب من خلال مؤشرات مادية وكمية وتقنوقراطية، متجاهلاً في كثير من الأحيان الأبعاد الأخلاقية والثقافية والحضارية المرتبطة برفاه الإنسان. وفي سياق عالم الملايو (Alam Melayu)، تبدو هذه المقاربات غير كافية لاستيعاب التصورات المحلية للتنمية القائمة على الانسجام المجتمعي، والاقتصاد الأخلاقي، والعدالة الاجتماعية، وصون الكرامة الإنسانية. وعلى الرغم من التنامي المستمر للنقاشات المتعلقة بالنماذج التنموية البديلة، فإن الاهتمام الأكاديمي بالرؤية الكونية الملايوية بوصفها أساساً مفاهيمياً لإعادة التفكير في الفقر والتنمية المتمحورة حول الإنسان لا يزال محدوداً. تهدف هذه الدراسة إلى استكشاف الكيفية التي تفسر بها الرؤية الكونية الملايوية مفهومي الفقر والتنمية بما يتجاوز الاختزال الاقتصادي الذي يميز النماذج التقليدية. وتعتمد الدراسة منهجية نوعية وتأويلية من خلال تحليل نصوص مختارة من التراث الفكري الملايوي، وخطابات التنمية، وأعمال عدد من المفكرين البارزين، وفي مقدمتهم أنغكو عزيز (Ungku Aziz). وتُبرز المناقشة الترابط العضوي بين الاقتصاد والأخلاق والدين والمسؤولية الاجتماعية في التصور الملايوي للتنمية. وتشير النتائج إلى أن الفقر في الرؤية الملايوية لا يُفهم بوصفه حرماناً مادياً فحسب، بل باعتباره حالة متعددة الأبعاد تمس الكرامة الإنسانية والتوازن الاجتماعي والرفاه الجماعي. وتخلص الدراسة إلى ضرورة تطوير اقتصاد تنموي متمحور حول الإنسان يستند إلى المنظورات المحلية والحضارية لعالم الملايو، بما يسهم في إعادة صياغة فهم أكثر شمولاً وإنسانية للتنمية.
From Worldview to Institution: Ungku Aziz and the Moral Foundations of Malaysia’s Development Trajectory Muhammad Suhaimi; Fuadah Johari; Nuur Halimatus Sa'adiah Masrukhin; Zul Aizat Hamdan; Zulfi Akmal
Jurnal At-Tamwil: Kajian Ekonomi Syariah Vol. 8 No. 1 (2026): Jurnal At-Tamwil Maret 2026
Publisher : Universitas Islam Tribakti Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/at-tamwil.v8i1.9111

Abstract

Purpose – This study examines why the moral worldview of Ungku Aziz remains important for understanding Malaysia’s development trajectory. Existing scholarship has often interpreted Malaysian development through technocratic, macroeconomic, or administrative lenses, while giving less attention to the ethical ideas that informed institutional design. Building upon earlier studies on Ungku Aziz as an economist and public intellectual, this article argues that his key contribution was the translation of justice-oriented values into practical development institutions. The study, therefore, reinterprets him as an architect of morally grounded development rather than merely a policy technocrat. Design/Methods/Approach – The study employs a qualitative research design, utilizing textual and thematic analysis. Primary materials comprise selected writings, speeches, policy commentaries, and public interventions by Ungku Aziz across various periods. These are supplemented by secondary literature on Malaysian development, poverty studies, Islamic moral economy, and institutional theory. The materials were coded thematically to identify recurring concepts such as distributive justice, dignity, education, rural upliftment, and public responsibility, before tracing their institutional manifestations in the Malaysian context. Findings – The study finds that Ungku Aziz consistently framed development as a human-centred and ethical process rather than a narrow exercise in income expansion. His thought linked poverty reduction with structural reform, educational mobility with national advancement, and state capacity with distributive fairness. The findings indicate that values such as justice, dignity, and social responsibility were reflected in policy orientations relating to poverty alleviation, rural advancement, and institutional nation-building. This supports the argument that Malaysia’s development experience cannot be understood solely through economic management, but also through normative foundations that shaped policy priorities. Research Implications/Limitations – The study is based primarily on documentary interpretation rather than direct causal measurement of policy outcomes. As such, the findings are strongest in explaining the relationship between ideas, institutional orientation, and development discourse rather than quantifying policy effectiveness. The qualitative design also limits broader generalisation beyond the Malaysian case. Future research may employ comparative or mixed-method approaches to test how ethical worldviews influence measurable development outcomes across other national settings. Originality/Value – This article contributes to scholarship by repositioning Ungku Aziz as a thinker of moral institutionalism whose ideas bridged ethics and governance. It adds to debates in Islamic moral economy, development theory, and Malaysian political economy by showing how value-based worldviews can be translated into modern state institutions within a plural society. The study also offers a conceptual basis for future research on inclusive and human-centred development in contemporary Asia.
Transforming Economic Inertia: A Feasibility Study on Robo-Advisory Integration for Optimizing Inheritance (Faraid) Assets in Malaysia Zul Aizat Hamdan; Fuadah Johari; Muhammad Suhaimi
Jurnal At-Tamwil: Kajian Ekonomi Syariah Vol. 8 No. 2 (2026): Jurnal At-Tamwil September 2026
Publisher : Universitas Islam Tribakti Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/at-tamwil.v8i2.9104

Abstract

Purpose – This paper studies how economic inertia can make the integration of Robo-advisory services in Malaysia to optimize Faraid (Islamic Inheritance) assets wasteful in terms of wealth creation. It is a response to the systemic crisis of frozen inheritance assets that grew to approximately RM90 billion by 2025, proposing a shift away from passive custodial management to a technology-driven investment model in line with the principle of hifz al-Mal (preservation of wealth) as the Maqasid al-Shariah principle. Methodology – Adopting an exploratory qualitative design in nature, where a triangulated pool of five experts representing academia, industry practitioners, and regulatory bodies was used. The data were interpreted with the help of the thematic analysis, which was interpreted in the frames of the theoretical approaches to the problem, such as the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT). Findings – The results indicate that there is a substantial difference in the stakeholder views. Although there is strong support towards Robo-advisory integration based on six critical demands, such as stringent Shariah cleansing, capital protection on behalf of orphans, and algorithmic integrity, that is the primary regulator exhibits institutional inertia, since it favors traditional internal portfolios. The paper finds that institutional preparedness and perceived risk, and not technological or jurisprudential limits, are the key obstacles to mobilizing frozen wealth. Practical Implications – This study can offer institutional trustees like Amanah Raya Berhad a strategic roadmap to modernize fiduciary roles. Serviceably, it suggests the alignment of a regulatory sandbox (led by the Securities Commission Malaysia) to pilot the use of Robo-advisory applications, such that the resources put into assets at the service of the interim administration are insulated against an inflationary loss of their effect in the transitional managerial regime. Originality/Value – The study addresses the gap between classical jurisprudence that has been embraced by Faraid in classical jurisprudence and contemporary Digital Investment Management (DIM). It proposes a new conceptual framework of the frame of conceptualization of wealth retention as a dynamic productive process in the face of the critical interim period of estate management.