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Commitment in WAQF Development through Cross-Sector Collaboration between Islamic Financial Institutions and State Islamic Religious Councils: Innovative Strategy of Value-Based Intermediation for Sustainability

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  • Siti Sara Binti Ibrahim

    (Business Management Faculty, Universiti Teknoloogi MARA, Negeri Sembilan, Malaysia Author-2-Name: Abd Halim Mohd Noor Author-2-Workplace-Name: Business Management Faculty, Universiti Teknoloogi MARA, Melaka, Malaysia Author-3-Name: Shafinar Ismail Author-3-Workplace-Name: Business Management Faculty, Universiti Teknoloogi MARA, Melaka, Malaysia Author-4-Name: Roshayani Arshad Author-4-Workplace-Name: Accounting Research Institute, Universiti Teknoloogi MARA, Shah Alam, Malaysia Author-5-Name: Mohd Ali Muhamad Don Author-5-Workplace-Name: Academy of Contemporary Islamic Studies, Universiti Teknoloogi MARA, Johor, Malaysia Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

Objective � Islamic Financial Institutions (IFIs) are founded upon principles of encouraging economic wellbeing for the betterment of society. Despite this, fresh measures are required to ascertain the sustainability of IFIs due to the deterioration recorded in annual rate growth levels that has slumped to 8.2% in 2016, compared to 24.2% in 2011. Similarly, waqf, which aims to contribute to socio-economic growth, appears to underperform due to inefficient management and lack of resources from State Islamic Religious Councils (SIRCs) in Malaysia. Therefore, growing attention is given to adding value to related operations so as to continuously expand without undermining their obligation towards societal welfare. Methodology/Technique � In responding to this issue, Value-Based Intermediation (VBI) through a cross-sector collaboration strategy has been proposed in this paper to streamline the investments of IFIs in executing their business responsibilities in a strategic manner, especially to generate sustainable socio-economic growth through waqf development projects. Nonetheless, in order to strategically perform in project collaboration for sustainability, strong commitment from IFIs and SIRCs is needed. Findings � A significantly positive relationship was discovered between the independent variables (affective commitment, normative commitment, and continuous commitment) and organisational sustainability. Novelty � The paper concludes with an assumption of the readiness of both organisations in effectively developing waqf projects, along with several recommendations for future studies in further contributing to the success of waqf development which will contribute to organisational sustainability. Type of Paper: Empirical.

Suggested Citation

  • Siti Sara Binti Ibrahim, 2019. "Commitment in WAQF Development through Cross-Sector Collaboration between Islamic Financial Institutions and State Islamic Religious Councils: Innovative Strategy of Value-Based Intermediation for Sus," GATR Journals jfbr154, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr154
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    References listed on IDEAS

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    1. Manuel Branco & Lúcia Rodrigues, 2006. "Corporate Social Responsibility and Resource-Based Perspectives," Journal of Business Ethics, Springer, vol. 69(2), pages 111-132, December.
    2. Mumtaz Hussain & Asghar Shahmoradi & Rima Turk, 2016. "An Overview of Islamic Finance," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-28, February.
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    More about this item

    Keywords

    Islamic Financial Institutions; State Islamic Religious Councils; Strategic Collaboration; Sustainability; Value Based Intermediation.;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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