Advancing Malaysia’s Islamic Economy Through Research and Innovation

Kuala Lumpur, 14 Nov 2024 – Congratulations to INCEIF University faculty members and researchers from the research arm, ISRA Research Management Centre for successfully securing the Islamic Economics Research and Innovation Fund (IERIF) Grant 2024.

The grant recipients are:

Project Leader Co-Researcher(s) Title of Project
 

Prof. Dr. Said Bouheraoua

1. Prof Younes Soualhi
Senior Research Fellow, INCEIF University2. Dr Fares Djafri
Senior Researcher, INCEIF University

3. Dr Imene Tabet
Researcher, INCEIF University

 

 

Waqf-Based Sustainable Microtakaful Model for Flood-Prone Areas in Malaysia: A Parametric Trigger Prototype.

 

Prof Dr Zulkarnain Muhamad Sori

1. Prof. Dr. Shamsher Mohamad
Professor, INCEIF University2. Prof Dr Aishath Muneeza
Professor, INCEIF University
 

Shariah Non-Compliance Risk Reporting by Islamic Financial Institutions in Malaysia: The Mediating Role of Risk Governance

 

Prof Dr Zulkarnain Muhamad Sori

1. Damar Hulan Osman
Chief Executive Officer, iBantu2. Mohammed Nazzer Hamzah
IT Technogist, iBantu
Transforming Governance in Islamic Social Finance: Integration of Distributed Ledger Technology
 

Professor Dr. Obiyathulla Ismath Bacha

 

Prof Dr Ashraf Md. Hashim
Chairman of Shariah Advisory Council, BNM
Designing a Shariah Compliant Stock Index Futures Contract for Managing Equity Risk
 

Dr Noor Suhaida Kasri

1.Prof Dr Said Bouheraoua
Director Research Development & Innovation, INCEIF University2.Dr Nadia Naim
Associate Dean, Aston Law School, Aston University, United Kingdom
Valuing Islamic Intellectual Property: Addressing Funding Gaps in Malaysia
 

Assoc Prof      Dr Mohamed Fairooz Abdul Khir

1. Assoc Prof Dr Magda Ismail Abdel Mohsin
Associate Professor, INCEIF University2. Dr Hainnuraqma Rahim
Senior Lecturer, UiTM Melaka

 

Building Resilient Local Economies through Community-based Market
 

Dr. Azyanee Luqman (UiTM Kelantan)

1. Dr. Cheam Chai Li (UiTM Kelantan)
2. Dr. Mohd Afifie (UMK)

 

CyberGuard App: Innovation of Good Cybersecurity Habits for Vulnerable Citizens
 
Dr Rabihah Md. Sum (USIM)
1. Associate Professor Dr. Waidah
Ismail (USIM)
2. Associate Professor Dr. Norhafiza Nordi (UUM)

 

Empowering Consumers: Enhancing Digital
and Takaful Literacy for Improved Online
Takaful Purchases
 
Assoc. Prof. Dr Siti Nurazira Mohd Daud (UUM)
1. Assoc. Prof. Dr Abd Halim Ahmad(UUM)
2. Assoc. Prof. Dr Nurul Aini Mohamed (USIM)

 

Assessing Financial Health Literacy and
Market Demand Among Malaysian Young
Adults: Towards Establishing a Takaful-Based
Elderly Care Scheme in Preparation for An Aging Nation
 
Professor Dr Hanudin Amin (UMS)
1.Dr Imran Mehboob Shaikh (UMS)
2.Assoc Prof Dr Dzuljastri Abdul Razak (IIUM)
3.Assoc Prof Dr Mohd Zulkifli Muhammad (UMK)
4.Putera Aliif Al’ain Jasni (Majlis Ugama
Islam Sabah, MUIS)

 

Development and Test of TASAWWUR-Based
Employee Ethical Preference Index (TAWAP-i)
for Madani Work Performance in Malaysia

IERIF, established with a RM20 million allocation in the Malaysian Budget 2024, aims to deepen the universal values of the Islamic economy in Malaysia. Leveraging its global presence and esteemed reputation in publishing groundbreaking research in Islamic economics and finance, INCEIF was entrusted to lead this initiative in collaboration with the Malaysian Islamic Financial Centre (MIFC) and industry partners.

At INCEIF, this initiative is spearheaded by the Islamic Economics Department of ISRA RMC.

Operating within the Ekonomi MADANI framework, IERIF aims to spur creativity and innovative research, producing practical solutions to socio-economic issues that align with Maqasid Shariah for a balanced distribution of wealth and sustainable development.

The quest to identify cutting-edge research and innovation begins through the Call-for-Paper in May 2024 focusing on the three pillars of sustainability, shared prosperity and innovation. By its closing date in July 2024, the IERIF secretariat received more than two hundred research proposals, which were further divided into two: Batch 1 and Batch 2.

Each proposal was screened based on the IERIF guidelines before it was assigned to a dedicated member of the IERIF Research Working Committee (IRWC) comprising esteemed academic and industry leaders, for a thorough review. The competent and diverse IRWC members ensured the review was undertaken based on academic rigor and practical relevance. Proposals were assessed based on their research impact (35%), effectiveness and feasibility (25%), managerial capability (20%), budget and risk assessment (20%), as well as evaluating their sustainability and ability to produce significant intellectual property (10%). Only proposals obtaining a weighted score of 3 out of 5 were shortlisted for the pitching session.

The pitching session provided an opportunity for the IRWC members to select and prioritize proposals with strong potential to advance Islamic economics in an innovative and impactful way. Successful applicants received a formal agreement, outlining the approved budget and milestones, terms and conditions together with a clear roadmap for project execution.

The successful proposals under Batch 1 showcase a broad and diverse range of initiatives aimed at driving further progress in Malaysia’s Islamic economy. Some of the notable proposals include, among others:

  • A Waqf-Based Micro-Takaful Model – Targeted at flood-prone areas, this model seeks to support vulnerable communities through collaborative, ethical financial protection led by INCEIF University.
  • MyCyberGuard App – Developed by Universiti Teknologi MARA Cawangan Kelantan, this app aims to enhance cybersecurity practices among vulnerable groups.
  • Shariah-compliant Stock Index Futures – Championed by INCEIF University, this research focuses on developing a dedicated instrument for equity risk management, addressing the financial sector’s needs for Shariah-compliant derivatives for risk mitigation.

The successful proposals exemplify IERIF’s objectives to support innovative projects with real-world impact. By 2026, the IERIF-funded projects are expected to produce tangible results reinforcing Malaysia’s role as a global leader in Islamic economics and finance, supporting the national and global aspirations for socioeconomic and environmental sustainability. Going forward, IERIF will continue to support impactful and cutting-edge research aiming to further strengthen Malaysia’s Islamic economics and finance leadership.