Journal of Islamic Finance <p><em>Journal of Islamic Finance</em> (JIF), published biannually (<strong>June</strong> and <strong>December</strong>), is a <strong><em>double blind peer-reviewed</em></strong> open-access journal of the IIUM Institute of Islamic Banking and Finance (II<em>i</em>BF), International Islamic University Malaysia (IIUM). </p> <p>The journal is designed to provide a platform for researchers, academicians and practitioners who are interested in new knowledge and discussing ideas, issues and challenges in the fields of Islamic banking, finance, accounting, business and economics.</p> <p><strong>Journal Scope</strong></p> <p>The scope of the journal includes, but is not limited to, Islamic banking and finance, Islamic capital markets, Islamic wealth management, issues on Shari'ah implementation and practices of Islamic banking and finance, zakat, waqf, takaful and comparative analysis of Islamic and conventional financial institutions. </p> <p><strong>Publication Frequency</strong></p> <p>The journal is published biannually in <strong>June</strong> and <strong>December </strong>in English.</p> <p><strong>Peer Review Process</strong></p> <p>A manuscript undergoes a double-blind review process with reviews managed by the Editorial team. Authors are required to upload revised versions and reply to the reviewer's comments. </p> <p><strong>Indexing</strong></p> <p>Malaysian Citation Index (MyCite)</p> <p>Islamic World Science Citation Database (ISC)</p> <p>Index Islamicus</p> <p>Almanhal </p> <p><strong>Privacy Statement</strong></p> <p>The names and email addresses entered in this journal site will be used exclusively for the stated purposes of this journal and will not be made available for any other purpose or to any other party.</p> <p><strong>Disclaimer</strong></p> <p>Opinions expressed in articles and creative pieces published in this Journal are those of the authors and do not necessarily reflect the views of the editors, the editorial board or the publisher.</p> <p>Journal of Islamic Finance at <a href=""></a> is licensed under a <a href="">Creative Commons Attribution 4.0 International License</a>.</p> en-US (Assoc. Prof. Dr Razali Haron ( (Dr. Nur Harena Redzuan (Email: IIUM Institute of Islamic Banking and Finance) Wed, 05 May 2021 09:49:50 +0800 OJS 60 Editorial Note: Special Issue Salina Kassim, Anwar Hasan Abdullah Othman Copyright (c) 2021 IIUM Press Fri, 30 Apr 2021 00:00:00 +0800 Impactful and Collective Microtakaful in Addressing the Impact of COVID-19 Pandemic <p>Present economic condition during the COVID-19 pandemic affects an uncertain environment to every level of community which leads to a nerve-wracking financial concern. The low-income group or popular known as ‘B40’ group seems to be unswervingly affected by recent instability in the nation’s economy that results to situations having multiple uncertain outcomes requiring them to manage their unique risks and seek protection thereof. Vulnerable in their financial position, COVID-19 poses more threat to the health of the low income-earners group more than others especially when the environment they mostly live in is not adequate for hygiene standard level. Previously, there was a concerted effort taken up by a group of Takaful Operators to provide a micro-Takaful protection to the ‘BR1M’ (‘Bantuan Rakyat 1-Malaysia’/1-Malaysia People's Aid) recipients. It was intended to provide Takaful coverage to the breadwinner of a B40 family with an aim to minimize the adverse effect of a possible financial catastrophic if the sole breadwinner of the family died. Micro-Takaful is a way to jointly attend, cater and mitigate the financial risks, which is in line with the Islamic principle of Harm Prevention. The concept of helping and assisting particularly the unfortunate ones to mitigate risk and reduce losses and sufferings due to misfortune constitute the very aspiration of the micro-takaful principles. This study aspires to examine the extent of effectiveness of the previous collective Micro-Takaful projects on BR1M recipients that were proven to benefit 7.2 million recipients as of in 2018 nationwide. Takaful operators who persistently aiming to become the value-based intermediary (VBI) inspired by the Regulator in order to achieve the Sustainable Development Goals by providing Micro-Takaful to the needy people. The data is mainly from the participating Takaful operators in the previous Micro-Takaful and BR1M project in order to evaluate the present and future direction of micro-Takaful initiative in the present ‘BSH’ (‘Bantuan Sara Hidup’/Living Aid).</p> Nurdianawati Irwani Abdullah Copyright (c) 2021 IIUM Press Fri, 30 Apr 2021 00:00:00 +0800 The Profit/Gain from Islamic Law of Contract Perspective and The Issue Of Ownership Risk (Daman al‐Milkiyyah) <p>In Islamic finance it is crucial to discuss the concept and the meaning of al-bay’ (Sale) and subsequently the concept of “Iwad”, when anyone want to understand issues concerning shariah legitimacy in Islamic banking and finance. The sale (Albay’) or the equivalent value “Iwad”, from shariah view, should consist of three main components, namely: market risk (ghurm), the work and effort (kasab), while the third component is liability (Daman). Albay; which is trade and commerce, constitutes the Quranic alternative to riba, as the contract of sale in Islamic law requires the seller to own the subject matter before executing the sale. The prophet Muhamad (pbuh) said: “do not sell what you do not own”. Therefore, there is a strong link between ownership and market risk. This research paper is analyzing the concept of profit from Islamic law perspective and discuss the issue of ownership risk in Islamic financial contracts. Using in depth analysis of literature review and qualitative methods of content analysis, this research implicitly explains the effect of Ghurm, Kasab, and Daman on Islamic finance transactions that are based on Albay'. Further, it highlights the principle mutual trade and cooperation in Albay' transactions.</p> <p> </p> Tawfik Azrak, Hani Hazaa Copyright (c) 2021 IIUM Press Fri, 30 Apr 2021 00:00:00 +0800 Retirement Awareness Among The Working Population Below 40 In Malaysia <p>The paper aims to review and discuss retirement awareness among the working population below 40 years old in Malaysia. Retirement awareness is essential since by 2035, Malaysian will be an aging society with 30 per cent of its people will be in the category of 60 years and above. Consequently, retirement awareness helps ensure proper action or strategy regarding retirement preparation before reaching their retirement phase. This study applies a quantitative approach using survey questionnaires as the main instrument of data collection. A total of 287 working individuals the age below 40 years old have participated as the respondents to examine their retirement awareness towards retirement planning. Data collected were analyzed using descriptive analysis. The study provides an in-depth analysis of respondents' retirement confidence (RC), goal clarity (GC), attitude towards retirement (ATT), financial literacy and knowledge related to retirement planning (FL), and the sources of retirement information (SRI), all these are measured using a 5-point Likert scale. The findings indicate that the working adults do have some degree of awareness about retirement, and they do undertake early preparations for their retirement. Overall, this study provides information about the critical implications for the retiring population to survive during their retirement phase and help them to be more confident and well-prepared to face life's reality after retirement. Hence, it is recommended for employers to provide programs or courses that cover retirement areas as one of the initiatives to help their employees be more aware of their future retirement life, which will prevent a financial crisis in the later years.</p> Auni Zulfaka, Salina Kassim Copyright (c) 2021 IIUM Press Fri, 30 Apr 2021 00:00:00 +0800 Customers’ Perception on Islamic Crowdfunding as A Possible Financial Solution For The Pandemic Covid 19 Crisis in Malaysia <p>The COVID 19 pandemic has brought an unprecedented crisis globally and people are still struggling for solutions to deal with the crisis. The effect is very broad-based be it on a social, economic, and healthy way of living. The purpose of this study is to investigate customers’ perception of Islamic Crowd Funding (ICF) as a possible financial solution for the pandemic crisis. Several factors such as the concept of ICF, justice and fairness and acceptance of ICF were used. A total of 322 responses were collected through questionnaires to investigate the validity of the proposed model. SPSS was used to analyse the data collected using reliability, correlation and multiple regression. The result indicated that the concept of ICF, justice and fairness significantly influenced the acceptance of Islamic crowdfunding. Hence, practitioners should emphasize these values to attract customers during this COVID 19 crisis. The result of this study further contributed to the new body of knowledge on ICF as a solution to the pandemic COVID 19 crisis.</p> Dzuljastri Abdul Razak, Syamsu Rizal Zulmi, Qosdan Dawami Copyright (c) 2021 IIUM Press Fri, 30 Apr 2021 00:00:00 +0800