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A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA Duasa, Jarita; Thaker, Mohamed Asmy Bin Mohd Thas
Journal of Islamic Monetary Economics and Finance Vol 1 No 2 (2016)
Publisher : Bank Indonesia

This study was designed to empirically determine: (i) to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii) to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur) and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM). The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA). From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

TRUST IN GOVERNMENT: MEASURING INDONESIAN ECONOMIC RESILIENCE FACING RECESSION ISSUE USING GROUNDED THEORY Puspita, Rosana Eri; Afina, Khoirun Nisa; Thaker, Mohamed Asmy bin Mohd Thas
An-Nisbah: Jurnal Ekonomi Syariah Vol 10 No 2 (2023): An-Nisbah
Publisher : UIN Sayyid Ali Rahmatullah Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/an.v10i2.8749

Abstrak: Beberapa negara pernah mengalami resesi, dan terdapat prediksi bahwa Indonesia akan terkena dampak perekonomian global pada tahun 2023. Penelitian ini mengukur kesiapan masyarakat Indonesia dalam menghadapi isu resesi dengan melihat kepercayaan terhadap pemerintah dalam menanganinya. Penelitian ini merupakan penelitian grounded theory yang menyusun variabel dan indikator dengan menggunakan metode kualitatif. Variabel dan indikator tersebut kemudian diuji dengan metode kuantitatif. Data kualitatif diekstraksi dengan software NAWALA dengan pendekatan netnografi yang menganalisis 4409 sampel. Data kualitatif diolah menggunakan software NVIVO. Sedangkan data kuantitatif digali dengan kuesioner dari 146 responden dan diolah menggunakan software SPSS. Hasil pengujian menunjukkan bahwa personaliti pemerintah, framing media, dan kondisi negara saat ini berpengaruh positif dan signifikan terhadap kepercayaan terhadap pemerintah. Keterbaharuan yang ditawarkan dalam penelitian ini adalah isu baru dengan data baru yang dianalisis dengan grounded theory yang belum pernah diteliti oleh penulis lain di Indonesia. Kata kunci: kepercayaan, pemerintah, resesi, grounded theory Abstract: Several countries have experienced recessions, and there are predictions that Indonesia will be affected by the global economy in 2023. This study measures the readiness of Indonesians to face the issue of recession by looking at trust in the government in handling it. This research is a grounded theory that compiles variables and indicators using the qualitative method. These variables and indicators are then tested with quantitative methods. Qualitative data were extracted with NAWALA software with a netnography approach that analyzed 4409 samples. Qualitative data is processed using NVIVO software. Meanwhile, quantitative data were unearthed with questionnaires from 146 respondents and processed using SPSS software. The test results show that government personality, media framing, and present country condition positively and significantly affect trust in government. The novelty offered in this study is a new issue with new data analyzed with the grounded theory that other authors in Indonesia have never studied Keywords: Trust, government, recession, grounded theory

A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA Duasa, Jarita; Thaker, Mohamed Asmy Bin Mohd Thas
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.533

This study was designed to empirically determine: (i) to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii) to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur) and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM). The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA). From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

Empowering Immigrant Entrepreneurship Activities: Business Support and Cash Waqf for Immigrant Entrepreneurs Model Binti Nor Nizam, Asiah Nadhirah; Thaker, Mohamed Asmy Bin Mohd Thas; Pitchay, Anwar Allah
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2025.131-02

This study aims to shed a light on how Islamic finance can play a significant role in alleviating the challenges that IE experienced and improving the accessibility to fiscal sources and social integration of the Immigrant Entrepreneurs (IE) in the host country, especially Malaysia. The prominent challenges that the IEs are facing are the difficulties in accessing the capital to finance their business and the lack of knowledge of the local regulations. The findings lead to a model that aims to tackle the challenges that IE experienced via Business Support and Cash Waqf for IE Model (BS-WIEM). The BS-WIEM acts as a comprehensive initiative to bridge the resource disparity among IE in terms of funding accessibility and human capital development. This study attempts to construct the BS-WIEM based on the extensive literature review related to the challenges the IE experienced and waqf. This research can positively impact the development and funding of the IE in Malaysia. This study will provide insights to the government, waqf institutions, corporations, financial institutions, and policymakers about alternative funding options for IE businesses and start-ups in the host country. Less tension on the public spending by the government with the involvement of non-profit organizations. This conceptual paper only explores the literature; thus, no empirical analysis is available. More in-depth and comprehensive insights could be identified with the empirical studies. Future research on the regulatory and shariah perspective of the model should be done. The findings of this paper will offer a cash waqf model as an alternative to fund the development of entrepreneurship in Malaysia, especially for immigrants.

The Behavioral Intention of Citizens to Finance Smart City Development in Indonesia through Civic Crowdfunding Thaker, Mohamed Asmy Bin Mohd Thas
Global Review of Islamic Economics and Business Vol. 11 No. 2 (2023)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2023.112-06

In order to foster the creation of sustainable and habitable urban areas that cater to the needs of all residents, it is imperative to construct new infrastructure and concurrently ensure the upkeep and modernization of existing ones. This is where the concept of smart cities becomes instrumental, exerting a profound impact on the broader urban landscape. However, a significant challenge lies in securing the financial resources required for the development of smart cities, particularly in the midst of the current economic downturn. As a solution to this challenge, the present study proposes the implementation of an Integrated Civic Crowdfunding Model (ICCM) to finance the development of smart cities in East Java, Indonesia. Based on this proposed model, the study delves into the willingness of citizens to adopt ICCM. To achieve this, an analysis is performed utilizing Partial Least Squares on primary data collected through a survey administered to residents of East Java, specifically in Surabaya (SmartPLS). Additionally, the study assesses the model's adoption in practice by incorporating an extended Technology Acceptance Model (TAM). The study's results reveal that factors such as the perceived usefulness, perceived ease of use, and perceived benefits positively influence residents' intentions to use ICCM, thereby contributing to the advancement of smart cities in Indonesia. Furthermore, there is a favorable correlation and direct impact of perceived ease of use on the perceived utility of ICCM among citizens. These findings can serve as a foundation for the development of a specialized framework for examining other aspects of the ICCM model and devising relevant intervention strategies for the enhancement of smart cities in East Java. Originality/Value: The originality of this study lies in its introduction and application of the Integrated Civic Crowdfunding Model (ICCM) to finance the development of smart cities in East Java, Indonesia.

Netnography on Finance Research: The Case of Customer Blackmail in a Sharia Bank Puspita, Rosana Eri; Thaker, Mohamed Asmy bin Mohd Thas
JASF: Journal of Accounting and Strategic Finance Vol. 5 No. 1 (2022): JASF (Journal of Accounting and Strategic Finance) - June 2022
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v5i1.299

A case of extortion by a Sharia bank against an influencer and conglomerate in Indonesia went viral on social media in 2021. This article explores netizen comments regarding the issue of extortion cases carried out by Sharia banks that are viral on social media. The method used in this study is a qualitative, netnographic approach. This research is useful for banks in determining attitudes toward netizens on social media. Data mining is done with NAWALA software, and data analysis is done with NVIVO. The sample size in this study was 21,656 comments on six selected videos uploaded on YouTube. The results show that netizen comments lead to three things, namely the role of the Financial Services Authority (OJK), the stigma of Sharia banks after an issue of an extortion case, and riba. The new thing in this research is netnography which is used to discuss topics circulating in the case of Sharia banks by paying attention to netizen comments on YouTube with large sample size. Previous researchers have never done netnographic research about customer blackmail in Indonesian Sharia banking. This study suggests that bank and non-bank financial institutions should always maintain their institutional image, improve sharia finance in the community, and create a good customer experience.

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