Md Nasri Ali’s scientific contributions

This study examines the role of agency managers in driving the success of waqf-takaful death compensation products in Malaysia. The research identifies the challenges agency managers face and the strategies they use to promote the integration of Islamic financial products with waqf, a charitable endowment. A qualitative approach was employed, involving in-depth interviews with eight agency managers from various takaful companies. Thematic analysis was used to identify key themes related to product knowledge, customer education, marketing strategies, and incentives. The findings reveal that agency managers are pivotal in educating potential clients, overcoming skepticism, and bridging the gap between religious values and financial products. However, challenges such as limited market awareness, product misconceptions, and the need for improved promotional efforts remain significant obstacles. The study suggests that enhanced training for agency managers, better marketing strategies, and clearer communication of product benefits could contribute to the wider adoption of waqf-takaful products. This research offers valuable insights into the practical implications for takaful providers and policymakers in Malaysia, emphasizing the importance of agency managers in promoting financial inclusion and social responsibility through waqf-takaful products.

This study aims to analyze the acceptance and challenges of waqf-takaful death compensation products in Malaysia, focusing on factors such as product knowledge, education, marketing, customer attitude, and long-term benefits. A quantitative approach using a descriptive cross-sectional survey method was employed, with data collected via a structured questionnaire. The findings revealed that product knowledge, customer attitude, and marketing strategies significantly influence acceptance. However, challenges such as limited awareness, inadequate promotion, and accessibility issues were also identified. The study highlights the importance of improving customer education and refining marketing strategies to enhance the adoption of waqf-takaful products.

The waqf-takaful concept involves channeling death compensation benefits from deceased takaful participants to selected religious institutions, thereby generating perpetual and sustainable waqf contributions. Despite recent challenges such as inconsistent implementation standards and management issues, some takaful operators in Malaysia have started to incorporate death compensation waqf into their offerings. Key players in this field, such as FWD Takaful Berhad, Waqaf An-Nur Corporation Berhad (WanCorp) and Yayasan Waqaf Malaysia (YWM), have significant potential for collaboration in advancing this product. This study aims to develop a waqf-takaful death compensation product for FWD Takaful Berhad, known as FATWA. This product integrates elements of death compensation waqf and takaful, combining the efforts of FWD Takaful with WanCorp and YWM to optimize takaful benefits. The study uses a qualitative approach, with data collected through focus group discussions involving academics in Islamic finance, waqf, law and marketing, as well as industry players from selected takaful companies in Malaysia, YWM and the Malaysian Takaful Association (MTA). The data were analysed using thematic analysis via ATLAS.ti software. The study found that waqf-takaful death compensation products, FATWA developed by FWD Takaful Berhad through WanCorp or YWM, have unique strengths. Both are competitive and capable of making significant contributions to the takaful and waqf industries, offering substantial benefits to the Muslim community as a whole.

The concept of Waqf in Takaful refers to the distribution of Takaful contributor death compensation benefits to selected religious institutions for Waqf property. In this given context, the Waqf is established upon the contributor's death, and the compensation received by the Waqf beneficiary will be utilized for religious welfare until the culmination of time on the day of judgment. Therefore, this study focused on the level of implementation of the Waqf-Takaful Compensation Model toward good governance practices and sustainability of takaful companies, using a Documentation Framework Index (DFI) which was developed based on the data collected from 106 takaful agents who were involved directly throughout the introduction of Waqf-Takaful Compensation Scheme until 2022. It was found that 88% of Takaful Agency documented the percentage of the death compensation to participants by choice. Followed by 81% of Takaful Agency declared participants have the right to decide the percentage of the Waqf to be contributed to religious institutions and 79% of Takaful Agency restricted participants can only Waqf the percentage of death compensation not to an individual but to religious institutions. However, there are still some weaknesses in several elements of documentation and marketing of Waqf –Takaful Compensation Scheme by Takaful companies that needs some improvement. Therefore, the Waqf-Takaful Compensation Model, facilitated by the Documentation Framework Index, presents a forward-looking approach that aligns with Islamic principles based on waqf and Takaful compensation practices which promotes good governance, fosters sustainability, and contributes to the overall growth and positive impact of the Takaful industry in the country. However, successful implementation of the Waqf-Takaful Compensation Model requires collaborative efforts from various stakeholders, including regulators, Takaful operators, scholars, and the community. Adequate awareness, education, and buy-in are essential for the widespread adoption of this innovative model.