Application of Waqf Model Takaful in Brunei Darussalam: A Preliminary Study

Authors

Dr Hjh Mas Nooraini Hj Mohiddin Faculty of Shariah Universiti Islam Sultan Sharif Ali, Brunei Darussalam

Keywords:

Model, takaful, waqf, Brunei Darussalam

Abstract

Participation in protection schemes is a common requirement and a necessity for financing applications to avoid losses and reduce unforeseen risks. It is an economic mechanism that has proven capable of minimizing participants’ financial risk due to losses and accidents that may occur unexpectedly in the future. Waqf is now viewed not merely as a static product but has been transformed into a more productive and innovative instrument. The integration of takaful and waqf is one of the latest innovations with the potential to further develop waqf assets, which are still largely perceived as purely religious elements by the majority of Muslims. Therefore, this study examines the extent to which the waqf model takaful complies with Shariah principles and its necessity, while also identifying the challenges and issues that arise in efforts to increase waqf funds. The research methodology employed is quantitative and descriptive qualitative, using content analysis as the analytical method and interviews with relevant parties. The analysis was conducted by examining secondary data, particularly writings, journals, working papers, and related articles. The waqf model takaful offered and implemented in Brunei Darussalam is primarily a financial planning programme for the purpose of making waqf to specific agencies. Several recommendations are put forward to improve this product so that it contributes to the implementation of the waqf concept more accurately in line with its objective as sadaqah jariyah.

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