ISSN: 2222-6990
Open access
The Hajj pilgrimage is a vital religious obligation for Muslims, yet financial barriers remain a significant challenge for many, particularly in developing countries. This study proposes adapting Malaysia’s successful Tabung Haji model to establish a Shariah-compliant Hajj savings fund in Thailand. Tabung Haji's integration of ethical investment strategies, profit-sharing mechanisms, and government-backed security has demonstrated its effectiveness in enabling millions of Malaysian Muslims to fulfil their religious duties. Drawing on the principles of Islamic finance, this research suggests replicating these features in Thailand while incorporating financial literacy programs to empower Thai Muslims. The proposed model emphasizes adherence to Shariah principles, including the prohibition of riba (interest) and gharar (uncertainty), to create a sustainable and accessible financial mechanism. According to this model, Thailand can improve the experience of handling money as well as paving the way for the poor Muslim minority to perform the Hajj pilgrimage; this case can be a model for other countries that face such challenges.
Ahmed, H. (2011). Islamic banking and financial stability: A review. International Journal of Islamic and Middle Eastern Finance and Management, 4(3), 292–309. https://doi.org/10.1108/17538391111176358
Ali, M., & Malik, M. (2020). Islamic finance principles and practices. Al-Haramain Publishers.Al-Quran, Surah Al-Baqarah (2:275).
Bashir, M. A., Sultan, M., & Ali, M. (2015). Islamic finance and investment strategies: A comprehensive analysis of Shariah-compliant financial products. Journal of Islamic Finance, 4(1), 13–25.
Farooq, M. (2021). Ethical investing in Islamic finance: A critical review. International Journal of Islamic Banking & Finance, 8(3), 112–130. https://doi.org/10.1016/j.jif.2020.10.002
Galdeano, D., Ahmed, U., Fati, M., Rehan, R., & Ahmed, A. J. M. S. L. (2019). Financial performance and corporate social responsibility in the banking sector of Bahrain: Can engagement moderate?. Management Science Letters, 9(10), 1529-1542.
Hassan, M. K., & Khan, F. (2019). Financial inclusion through Islamic banking: Opportunities and challenges in Southeast Asia. Journal of Islamic Business and Management, 9(2), 112–128. https://doi.org/10.1108/JIBM-03-2019-0189
Ismail, R., & Hamid, M. (2021). Tabung Haji: The success story of Islamic savings models. Kuala Lumpur University Press.
Kamali, M. H. (2022). Shariah law: An introduction. Cambridge University Press.
Mollah, M., & Yousuf, A. (2021). Islamic financial instruments and their role in global markets. Journal of Islamic Finance & Economics, 16(4), 212–225.
Mollah, M., & Yousuf, A. (2021). Shariah-compliant savings funds and the role of government support in financial inclusion: Evidence from the Middle East and Southeast Asia. International Journal of Islamic Finance, 13(4), 45–67.
Shah, A. (2021). Islamic finance and the role of sukuk in global markets. Wiley Finance.
Shariati, M., & Bakhtiar, M. (2020). Principles of Islamic economics: Theory and practice. Springer.
Sundararajan, V. (2007). Islamic financial markets and institutions: A global perspective. Journal of Islamic Economics, Banking and Finance, 3(1), 1–13.
Yusof, F., & Ahmad, R. (2022). Shariah-compliant financial models: Case study on Tabung Haji’s impact on Malaysia. Islamic Finance Review, 12(4), 58–76.
Zulfa, M., Cheumar, M., Haji-Othman, Y., & Abbas, S. I. (2021). Analysis of The Influence of Attitudes and Beliefs on Interest in Saving in Sharia Bank in Riau Province.
Zubair, M. (2020). Islamic finance in a globalized world: Opportunities and challenges. Springer Nature.
Cheumar, M., & Akem, U. (2024). Adapting Malaysia’s Tabung Haji Model: A Strategic Proposal for Thailand’s Hajj Fund as a Case Study Possibility. International Journal of Academic Research in Business and Social Sciences, 14(12), 1145–1151.
Copyright: © 2024 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode