A Conceptual Framework for Cash Waqf with Blockchain in Financing Education for the Islamic Religious School in Malaysia

Authors

  • Haneffa Muchlis Gazali Labuan Faculty of International Finance, Universiti Malaysia Sabah, Labuan FT, Malaysia
  • Che Muhammad Hafiz Che Ismail

Keywords:

Cash waqf, Blockchain, Technology Acceptance Model, Perceived Security, Trust

Abstract

The purpose of this study is to propose a framework for cash waqf blockchain in financing education for Islamic religious school in Malaysia. Besides that it aims to investigate the factors that influence the adoption of cash waqf blockchain for Islamic education in Malaysia.This paper is a conceptual paper that provides the idea of managing the waqf assets in the most efficient way of financing the Islamic religious school.This study proposed an extended version Technology Acceptance Model (TAM) with perceived security and trust to understand the intention to adopt cash waqf blockchain in financing education for Islamic Religious School in Malaysia. Being limited to conceptual paper, this study lack of empirical evidence to support the findings of the study. The study also provides insights for the Islamic religious school to obtain a fund through cash waqf platform and for institutions like JAWHAR and State Religious Council. It offers a direction for these institutions to improve the waqf management and policy in the future.Thus, it is the first to discover the role of TAM in the context of managerial intention to understand the cash waqf blockchain adoption from Malaysians’ perspective. It is suggested that future research provide an empirical evidence among the proposed variables from this study.

Downloads

Download data is not yet available.

References

Ab. Aziz, Muhammad Ridhwan, Fuadah Johari, and Mohd Asyraf Yusof. 2013. “Cash Waqf Models for Financing in Education.” In Paper Proceeding of the 5th Islamic Economics System Conference (IECONS 2013), “Sustainable Development Through The Islamic Economics System”, Berjaya Times Square Hotel, Kuala Lumpur, 4-5 Th September 2013, 835–42.
Abdel Mohsin, Magda Ismail.. “Financing through Cash-Waqf: A Revitalization to Finance Different Needs.” International Journal of Islamic and Middle Eastern Finance and Management. 2013, 6 (4): 304–21. https://doi.org/10.1108/IMEFM-08-2013-0094.
Adeyemi, Adewale Abideen, Nurul Aini Ismail, and Siti Sabariah Hassan. “An Empirical Investigation of the Determinants of Cash Waqf Awareness in Malaysia.” Intellectual Discourse 4878. 2016 (Special Issue: Islamic Banking and Finance): 501–20.
Alwan, Hussain Ahmad, and Abedlhalim Issa Al-Zubi.. “Determinants of Internet Banking Adoption among Customers of Commercial Banks: An Empirical Study in the Jordanian Banking Sector.” International Journal of Business and Management. 2016, 11 (3): 95. https://doi.org/10.5539/ijbm.v11n3p95.
Amin, Hanudin. “An Analysis of Mobile Credit Card Usage Intentions.” Information Management & Computer Security. 2007a, 15 (4): 260–69.
———.. “Internet Banking Adoption Among Young Intellectuals.” Journal of Internet Banking and Commerce. 2007b, 12 (3): 1–11.
Amin, Hanudin, Rizal Hamid, Aizuddin Ahmad Hamzah, Haneffa Muchlis Gazali, Suddin Lada, Geoffrey H Tanakinjal, and Raymond Liew. “Islamic Credit Card Adoption: Empirical Evidence From Malaysia.” Labuan Belletin of International Business and Finance. 2014, 12: 61–77.
Amin, Hanudin, Abdul Rahim Abdul Rahman, and Dzuljastri Abdul Razak. “Theory of Islamic Consumer Behaviour: An Empirical Study of Consumer Behaviour of Islamic Mortgage in Malaysia.” Journal of Islamic Marketing. 2014, 5 (2): 273–301.
Azha, Latiff, Sayin Baharuddin, Sayurno, S.S. Salahuddin, M. Rani Afandi, and Hamid Afifah H. 2013. “The Practice and Management of Waqf Education in Malaysia.” In 6th International Conference on University Learning and Teaching (InCULT 2012). https://doi.org/10.1016/j.sbspro.2013.07.061.
Bansal, Gaurav. “Distinguishing between Privacy and Security Concerns: An Empirical Examination and Scale Validation.” Journal of Computer Information Systems. 2017, 57 (4): 330–43.
https://doi.org/10.1080/08874417.2016.1232981.



Chandio, Fida Hussain, Zahir Irani, Akram M. Zeki, Asadullah Shah, and Sayed Chhattan Shah. “Online Banking Information Systems Acceptance: An Empirical Examination of System Characteristics and Web Security.” Information Systems Management. 2017, 34 (1): 50–64.
https://doi.org/10.1080/10580530.2017.1254450.
Chen, Yi Mu Mu, Tsuen Ho Ho Hsu, and Yu Jou Jou Lu.. “Impact of Flow on Mobile Shopping Intention.” Journal of Retailing and Consumer Services. 2018, 41 (March): 281–87. https://doi.org/10.1016/j.jretconser.2017.04.004.
Christidis, Konstantinos, and Michael Devetsikiotis. “Blockchains and Smart Contracts for the Internet of Things.” IEEE Access. 2016.
Davis, Fred D. “Computer and Information Systems Graduate Schooi of Business Administration Univeirsity of Michigan.” Information Systems Journal. 1989, Vol. 13 (September): 319–40.
Fishbein, Martin, and Icek Ajzen.. Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research. 1975, Reading: Addison-Wesley. http://people.umass.edu/aizen/f&a1975.html.
Fu, Senhui, Qing Yan, and Guangchao Charles Feng.. “Who Will Attract You? Similarity Effect among Users on Online Purchase Intention of Movie Tickets in the Social Shopping Context.” International Journal of Information Management. 2018, 40 (January): 88–102.
https://doi.org/10.1016/j.ijinfomgt.2018.01.013.
Gao, Lingling, and Xuesong Bai. “A Unified Perspective on the Factors Influencing Consumer Acceptance of Internet of Things Technology.” Asia Pacific Journal of Marketing and Logistics. 2014, 26 (2): 211–31. https://doi.org/10.1108/APJML-06-2013-0061.
Gustina, and Hidayatul Ihsan.. “Financing Higher Education Through Waqf Assets.” 2017. In International Conference of Applied Science on Engineering, Business, Linguistics and Information Technology (ICo-ASCNITech) Politeknik Negeri Padang and Politeknik Ibrahim Sultan, 13-15 October 2017, 13–15.
Hansen, Jared M., George Saridakis, and Vladlena Benson. “Risk, Trust, and the Interaction of Perceived Ease of Use and Behavioral Control in Predicting Consumers’ Use of Social Media for Transactions.” Computers in Human Behavior 2018, 80: 197–206. https://doi.org/10.1016/j.chb.2017.11.010.
Hussin, Rohayati. “Waqf Implementation in Malaysian Universities: Overview and Way Forward.” The Social Sciences1. 2018, 13 (1): 145–49.
Hussin, Rohayati, Rusnadewi Abdul Rashid, and Noor Inayah Yaakub. “Empowering Higher Education Institution: The Role of Waqf - Malaysian Perspective.” International Journal of Business, Economics and Law. 2016, 7 (4): 16–23.

JAWHAR. “Kompilasi Hukum Dan Fatwa Berkaitan Wakaf, Zakat, Haji & Sumber Am.” 2008.
Kallanmarthodi, Geetha, and Malarvizhi Vaithiyanathan. “Assessment of a Modified Technology Acceptance Model among E-Banking Customers in Coimbatore City.” International Journal of Innovation, Management and Technology. 2012, 3 (2): 181–87. http://ijimt.org/papers/217-N00006.pdf.
Kim, Dan J. “An Investigation of the Effect of Online Consumer Trust on Expectation, Satisfaction, and Post-Expectation.” Information Systems and E-Business Management. 2012, 10 (2): 219–40. https://doi.org/10.1007/s10257-010-0136-2.
Kit, Man, Waiman Cheung, and Mincong Tang. “Building Trust Online : Interactions among Trust Building Mechanisms.” Information & Management. 2013, 50 (7): 439–45. https://doi.org/10.1016/j.im.2013.06.003.
Lee, Ming Chi. “Predicting and Explaining the Adoption of Online Trading: An Empirical Study in Taiwan.” Decision Support Systems 47. 2009, (2): 133–42. https://doi.org/10.1016/j.dss.2009.02.003.
McCole, Patrick, Elaine Ramsey, and John Williams. “Trust Considerations on Attitudes towards Online Purchasing: The Moderating Effect of Privacy and Security Concerns.” Journal of Business Research, 2010, 63 (9–10): 1018–24. https://doi.org/10.1016/j.jbusres.2009.02.025.
Mital, Monika, Praveen Choudhary, Victor Chang, Armando Papa, and Ashis K. Pani. “Adoption of Internet of Things in India: A Test of Competing Models Using a Structured Equation Modeling Approach.” Technological Forecasting and Social Change. 2016, 1–8. https://doi.org/10.1016/j.techfore.2017.03.001.
Mohd Thas Thaker, Mohamed Asmy, Hassanudin Mohd Thas Thaker, and Anwar Allah Pitchay. “Modeling Crowdfunders ’ Behavioral Intention to Adopt the Crowdfunding-Waqf Model ( CWM ) in Malaysia The Theory of the Technology.” International Journal of Islamic and Middle Eastern Finance and Management. 2018. https://doi.org/10.1108/IMEFM-06-2017-0157.
Moslehpour, Massoud, Van Kien Pham, Wing Keung Wong, and Ismail Bilgiçli.. “E-Purchase Intention of Taiwanese Consumers: Sustainable Mediation of Perceived Usefulness and Perceived Ease of Use.” Sustainability (Switzerland). 2018, 10 (1). https://doi.org/10.3390/su10010234.
Peters, Gareth William, and Efstathios Panayi. “Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money,” 2015. 1–33. https://doi.org/10.2139/ssrn.2692487.
Ramayah, T., and Joshua Ignatius. “Impact of Perceived Usefulness , Perceived Ease of Use and Perceived Enjoyment on Intention to Shop Online.” ICFAI Journal of Systems Management (IJSM), 2005. 1–16.
Ramayah, T., Kamel Rouibah, M Gopi, and Gary John Rangel. “A Decomposed Theory of Reasoned Action to Explain Intention to Use Internet Stock Trading among Malaysian Investors.” Computers in Human Behavior. 2009, 25 (6): 1222–30.
Ramayah, T. Pedro Soto-Acosta, Ricardo Colomo-Palacios, M Gopi, and Simona Popa. “Explaining the Adoption of Internet Stock Trading in Malaysia: Comparing Models.” Asian Journal of Technology Innovation, 2014, 1–21.
Ramli, Asharaf Mohd, and Abdullaah Jalil. “Model Perbankan Wakaf Korporat: Analisis Wakaf Selangor Muamalat.” Jurnal Pengurusan 42 2014, 159–67.
Roca, Juan Carlos, Juan José García, and Juan José de la Vega. “The Importance of Perceived Trust , Security and Privacy in Online Trading Systems.” Information Management & Computer Security. 2009, 17 (2): 96–113.
Rouibah, Kamel, T. Ramayah, and Oh Sook May. “Modeling User Acceptance of Internet Banking in Malaysia : A Partial Least Square ( Pls ) Approach.” In E-Adoption and Socio-Economic Impacts: Emerging Infrastructural Effects. 2011, 1–23. IGI Global Publisher.
Roy, Sanjit Kumar, M. S. Balaji, Ali Quazi, and Mohammed Quaddus. 2018a. “Predictors of Customer Acceptance of and Resistance to Smart Technologies in the Retail Sector.” Journal of Retailing and Consumer Services 42 (February): 147–60. https://doi.org/10.1016/j.jretconser.2018.02.005.
———. 2018b. “Predictors of Customer Acceptance of and Resistance to Smart Technologies in the Retail Sector.” Journal of Retailing and Consumer Services 42 (February): 147–60. https://doi.org/10.1016/j.jretconser.2018.02.005.
Salimon, Maruf Gbadebo, Rushami Zien Bin Yusoff, and Sany Sanuri Mohd Mokhtar. 2017. “The Mediating Role of Hedonic Motivation on the Relationship between Adoption of E-Banking and Its Determinants.” International Journal of Bank Marketing.2017. 35 (4): 558–82. https://doi.org/10.1108/IJBM-05-2016-0060.
Salisbury, W. David, Rodney a. Pearson, Allison W. Pearson, and David W. Miller. “Perceived Security and World Wide Web Purchase Intention.” Industrial Management & Data Systems. 2001, 101 (4): 165–77. https://doi.org/10.1108/02635570110390071.
Sayin, Baharuddin, and Muhammad Hamizan Ab Hamid. “Waqf Higher Education: Implementation Model In University College Bestari (UCB), Terengganu, Malaysia.” Media Syari’ah. 2017, 19 (2): 215–34.
Shankar, V., G.L. Urban, and F. Sultan. 2002. “Online Trust: A Stakeholder Perspective, Concepts, Implications, and Future Directions.” The Journal of Strategic Information Systems. 2002, 11 (3–4): 325–344.
https://doi.org/10.1016/S0963-8687(02)00022-7.
Taherdoost, Hamed. “Development of an Adoption Model to Assess User Acceptance of E-Service Technology: E-Service Technology Acceptance Model.” Behaviour & Information Technology. 2018, 37 (2): 173–97. https://doi.org/10.1080/0144929X.2018.1427793.
The Straits Times. 2017a. “Private Islamic Schools Mushrooming in Malaysia,” June 2017.
———. 2017b. “Private Islamic Schools Mushrooming in Malaysia,” June 28, 2017.
Vaddadi, Krishna Mohan, and Merugu Pratima. 2015. “Factors Influencing Online Trading Adoption: A Study on Investors Attitude in Greater Visakhaptnam City.” Asian Research Journal of Business Management 3. 2015, (2): 39–53.
Watanabe, Hiroki, Shigeru Fujimura, Atsushi Nakadaira, Akihito Akutsu, and Jay Kishigami. “Blockchain Contract: Securing a Blockchain Applied to Smart Contracts.” 2015. In 2016 IEEE International Conference on Consumer Electronics (ICCE) Blockchain, 1–33.
https://doi.org/10.2139/ssrn.2692487.
Wolfinbarger, Mary, and Mary C. Gilly. “ETailQ: Dimensionalizing, Measuring and Predicting Etail Quality.” Journal of Retailing. 2003, 79 (3): 183–98. https://doi.org/10.1016/S0022-4359(03)00034-4.
Zabri, Mohd Zaidi Md, and Mustafa Omar Mohammed. “Examining the Behavioral Intention to Participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah Home Financing Model.” Managerial Finance, 2018, https://doi.org/10.1108/MF-05-2017-0189.

Downloads

Published

2019-06-30

How to Cite

Gazali, H. M., & Che Ismail, C. M. H. (2019). A Conceptual Framework for Cash Waqf with Blockchain in Financing Education for the Islamic Religious School in Malaysia. AL-ITQAN: JOURNAL OF ISLAMIC SCIENCES AND COMPARATIVE STUDIES, 3(1), 73–88. Retrieved from https://journals.iium.edu.my/al-itqan/index.php/al-itqan/article/view/110

Issue

Section

Articles