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All Journal International Journal of Islamic Economics and Finance (IJIEF) Al Hakam: The Indonesian Journal of Islamic Family Law and Gender Issues
Ghazali, Mohd Fahmi
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Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Maqasid-based Consumer Preference Index for Tawarruq Personal Financing (TPF) Amin, Hanudin; Suhartanto, Dwi; Ghazali, Mohd Fahmi; Ali, Muhammad; Rizal, Hamid; Abdul Razak, Dzuljastri
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (537.064 KB) | DOI: 10.18196/ijief.v5i1.11823

Abstract

Relatively, maqasid al-Shariah is a missing dimension element in the available tawarruq personal financing, resulting in a convergence of this facility and its traditional counterpart. This work examines the consumer preference of tawarruq personal financing using the maqasid-based consumer preference index (MCPi). Drawing upon the MCPi, the present study examines consumer preference on the offered Tawarruq personal financing by 7 Islamic banks in Malaysia based on valid 456 usable questionnaires. The primary findings obtained indicate that all banks somewhat have a moderate MCPi. These include Bank Islam Malaysia Berhad (BIMB), Bank Muamalat Malaysia Berhad (BMMB), Maybank Islamic, CIMB Islamic, RHB Islamic, Kuwait Finance House and Al-Rajhi Bank. This study examines a new approach to measure consumer preference using the MCPi. Our contributions are confined to these particular variables – Educating Customer, Establishing Justice and Promoting Welfare. Our study also limits its perspective on the general context of tawarruq personal financing. Future works may provide different perspectives on these interrogations. This study provides a new index for Islamic banks to manage tawarruq personal financing products according to maqasid al-Shariah effectively. This study introduces a new measure of consumer preference of tawarruq personal financing namely the MCPi in the context of Malaysia.
Waqif Preference of Waqf-Based Qardhul Hassan Financing in Malaysia: An Analytic Hierarchy Process Perspective Amin, Hanudin; Abduh, Muhamad; Shaikh, Imran Mehboob; Panggi, Faizah; Ag Omar, Pg Mohd Faezul Fikri; Rizal, Hamid; Ghazali, Mohd Fahmi; Razak, Dzuljastri Abdul
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 2 (2023): IJIEF Vol 6 (2), July 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i2.17701

Abstract

Although Islamic banking products like tawarruq and bay al-inah personal financing products available in the Malaysian Islamic banking market, their ability to meet the need of those disadvantaged in the case of health crisis like COVID-19 or financial crisis are somehow marginal.  There is a need for Islamic social finance products to meet this challenge and one of them is the offered qardhul hassan financing funded through crowdfunding on the basis of waqf. This is called waqf-based qardhul hassan financing. For this purpose, this study introduces QAFSCALE, referred to qardhul hassan financing scale to gauge waqif preference on the facility should it is made available in the market. A total of 324 waqif or donors were participated in this study to identify their preference in donating their money in the facility should it is introduced. This study used Attia’s (2010) maqasid al-Shariah theory to generate the QAFSCALE, beginning from the conceptualisations, dimensions and importantly the batter items that represent the QAFSCALE. Analytic Hierarchy Process (AHP) is used. The results obtained indicate that humanity factor is ranked first in importance, followed by family factor, consumer factor and ummah factor. This study limitation is the sample size. A broader sample would have made the result better. Adding to that, the newly designed scale is first of its kind in the context of waqf-based qardhul hassan financing and more studies needed to prove its applicability and generalization, at least. The results obtained might be of interest to managers of Islamic banks and the like to understand their potential waqif preference in the context of waqf-based qardhul hassan financing. Four factors drawn from QAFSCALE were evaluated to identify important factors leading to the waqif contribution on waqf.
THE DOMINANCE OF LOCAL CULTURE AND RELIGIOUS DOGMA OVER STATE LAW: A STUDY OF CHILD MARRIAGE LEGAL CULTURE IN RURAL INDONESIA Aziz, Muhammad; Sholikah, Sholikah; Ghazali, Mohd Fahmi; Lee, Umi Hamidaton Mohd Soffian; Zakiyah, Amanatus
Al Hakam : The Indonesian Journal of Islamic Family Law and Gender Issues Vol 5 No 2 (2025): Al Hakam
Publisher : Study Program of Islamic Family Law, Syari'ah Faculty, University of Al-Hikmah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35896/alhakam.v5i2.1147

Abstract

The phenomenon of child marriage in rural Indonesia is a complex socio-legal issue, characterized by tensions between state legal norms, customary traditions, and interpretations of religious dogma. Although Law No. 16/2019 has raised the minimum age for marriage for men and women to 19 years with the noble aim of protecting children's rights, the reality on the ground shows a high number of requests for marriage dispensations that actually legitimize this practice. This study aims to analyze the dominance of customary law and religious dogmatism over state law in the context of child marriage through the framework of Lawrence M Friedman's Legal System Theory. Using qualitative socio-legal research methods, this study examines the dynamic interaction between legal substance, legal structure, and legal culture.
Co-Authors Abdul Razak, Dzuljastri Ag Omar, Pg Mohd Faezul Fikri Amin, Hanudin Dwi Suhartanto Lee, Umi Hamidaton Mohd Soffian Muhamad Abduh, Muhamad MUHAMMAD ALI Muhammad Aziz Panggi, Faizah Razak, Dzuljastri Abdul Rizal, Hamid Shaikh, Imran Mehboob Sholikah Sholikah Zakiyah, Amanatus