Introduction to Waqf – Takaful Compensation Model: Adopting the Maqasid Shariah Concept for Socio-Economic Development in Malaysia

Introduction to Waqf – Takaful Compensation Model: Adopting the Maqasid Shariah Concept for Socio-Economic Development in Malaysia. Journal Academic in Business and Social , (8), – Abstract Takaful is Islamic insurance was introduced as a substitute to conventional insurance. It is free from Gharar (uncertainty), Maysir (gambling), and Riba (riba). According to Central Bank of Malaysia (BNM, 2019), there are 12 family/life Takaful companies in Malaysia as of 2020 and it was established based on cooperation and mutual assistance as it is widely used in the commercial sector but only three companies Takaful Ikhlas Family Berhad, Etiqa Takaful Company and Zurich Takaful Malaysia Berhad Company offered Waqf opportunities through the death compensation of Takaful products. But the standard of implementing the concept was inconsistent and no standard framework in managing the Waqf in Takaful through the death compensation of Takaful because the submission of Waqf to a religious institution differs from one company to another. Therefore, this research will develop a Waqf - Takaful framework from the distribution of death compensation which is part of the innovation in exploring the potential of empowerable assets for as many participants as possible which has a broader Islamic value toward Maqasiq Shariah, so that the goal of the nation to share the Tabarru fund in form of Waqf fund for Takaful compensation benefits the socio-economy of the ummah as long as its management is governed by a trusted, effective and productive party. This study is done through a mixed-method where the quantitative research aims to deeply understand the phenomena related to research questions and the checklist of Takaful company documentations and the qualitative approach is to explore professional opinion and focus group discussion by interviewing 20 Shariah / Muamalat experts, 20 Shariah panels and 10 industry players who expert in Takaful industry whose very well verses with Waqf - Takaful framework or model in Malaysia. The data will be analyzed in descriptive statistics analysis and a T-test using SPSS. The findings of this study will offer an overview of the proposed Model of Waqf - Takaful operations in the Takaful industry in Malaysia and which will emphasize the issues of the framework, "SOP", challenges, opportunities, and recommendations. It also creates an element of distribution of death compensation in the form of Waqf to religious institutions and makes Waqf in Takaful product as part of the economic network has great potential to give strength to religious institutions that support the development of Islam in Malaysia

death compensation of Takaful because the submission of Waqf to a religious institution differs from one company to another. Therefore, this research will develop a Waqf-Takaful framework from the distribution of death compensation which is part of the innovation in exploring the potential of empowerable assets for as many participants as possible which has a broader Islamic value toward Maqasiq Shariah, so that the goal of the nation to share the Tabarru fund in form of Waqf fund for Takaful compensation benefits the socio-economy of the ummah as long as its management is governed by a trusted, effective and productive party. This study is done through a mixed-method where the quantitative research aims to deeply understand the phenomena related to research questions and the checklist of Takaful company documentations and the qualitative approach is to explore professional opinion and focus group discussion by interviewing 20 Shariah / Muamalat experts, 20 Shariah panels and 10 industry players who expert in Takaful industry whose very well verses with Waqf-Takaful framework or model in Malaysia. The data will be analyzed in descriptive statistics analysis and a T-test using SPSS. The findings of this study will offer an overview of the proposed Model of Waqf-Takaful operations in the Takaful industry in Malaysia and which will emphasize the issues of the framework, "SOP", challenges, opportunities, and recommendations. It also creates an element of distribution of death compensation in the form of Waqf to religious institutions and makes Waqf in Takaful product as part of the economic network has great potential to give strength to religious institutions that support the development of Islam in Malaysia Keywords: Waqf, Takaful, Maqasid Syariah, Socio-Economic, Malaysia

Background of Waqf-Takaful Practices in Malaysia
The Takaful system is based on the concept of cooperation, responsibility, guarantee, protection, and mutual assistance among participants to ensure the mutual protection of members (Rafdi et al., 2017). The concept of Waqf in Takaful refers to the distribution of Takaful contributor death compensation benefits to selected religious institutions for the creation of permanent Waqf property. Waqf in Takaful can be a complement to the financial needs of contributors and at the same time to the needs of the community  .In this context, the Waqf will exist when death occurs to the contributor and the compensation received by the Waqf recipient will be used for religious welfare until the Day of Judgment.
Waqf-Takaful concept had been implemented solely by the Arab countries and Malaysia should take this opportunity to create Waqf culture among Muslim communities since Waqf is the death saving for life after death and it is a long term reward given by Allah. A hadith of the Prophet s a w. Hadith narrated by Muslims. and other states Tahfiz Association Associations of between 5-30% death compensation and savings according to the Qias and Hadith. Syarikat Takaful Ikhlas Family Berhad used Waqf-Takaful as a part of the family Takaful product which is only a voluntary requirement but not part of the product policies. Etiqa Takaful Company also took the initiative to the agency by allowing distribution to selected religious institutions through the method of preparing special letters to companies to submit death compensation to the desired religious institutions. At the same time, the company also requires the beneficiary to prepare a letter agreeing to receive Waqf benefits by the contributor.

Inconsistencies of Standard on Waqf-Takaful Standard Operation (Sop)
Syarikat Takaful Ikhlas Family Berhad, Eiqa Bhd, and Zurich Takaful Malaysia were the three Takaful companies that offered Waqf opportunities through the death compensation of Takaful products but the issue is the standard of implementing the concept was inconsistent and no standard model used in managing the Waqf in Takaful through the death compensation of Takaful by the three companies because the process and procedure submission of Waqf to a religious institution differs from one company to another. For example, Syarikat Takaful Ikhas Family Berhad only limits the maximum of 30% to the delivery of death compensation according to the Qias and Hadith of handing over 1/3 of the property that can be infused. Zurich Takaful Malaysia Berhad Company allows 100% death compensation to the choice of the State Religious Council. Therefore there is a need for all the Takaful companies in Malaysia to move forward to the Waqf-Takaful Model that has five fundamental elements through the concept of Maqasid Al-Shariah to ensure all the death compensation of Takaful products undertaken will benefit individual and community as well as facilitate the improvement of human life will be prioritized accordingly based on Al -Quran & Sunnah.

Gaps in Death Compensation Distribution
Bank Negara Malaysia in the Takaful report in 2019 shows that the total compensation received by customers is RM5.345 Billion. This amount is very beneficial to Takaful contributors throughout the country. However, this amount has not been confirmed as death compensation is channeled to customers. If 10% of the total compensation is taken to the participants, this amount represents almost RM500 million to the death benefit of the participants. Although this amount cannot be compared to the conventional Life Insurance business which records a much larger amount than Takaful. This can be seen from the total death claims in the Malaysian insurance and Takaful industry. In 2019, the Life Insurance Associations of Malaysia (LIAM) Report in its report showed an increase in overall compensation claims amounting to RM 10,831,524,433 and increased to RM11,935,309,565. Of these total claims, death compensation increased from 2018 by RM1.422 Billion to RM1.518 Billion in 2019 (Monther Eidaia, Ainulashikin Marzuki, Mustafa Mohd Hanefah, 2021). The above statistics provide clear indications that the Takaful industry is fast in their business. The question is, does the distributing of death compensation was channeled to religious institutions/charity institutions/other NGO/Tahfiz Institution in form of Waqf were done properly?. This issue needs to be taken seriously since it involved customer/participants money who entrusted the Takaful company to manage their money as promised before.

Constraints in Performing Waqf As A New Element in Takaful
The Takaful industry needs to move to a level that has a broader Islamic Syiar spirit so that the goal of the world is further in the view from sharing the Tabarru fund to the provision of Waqf fund for Takaful compensation benefits. The effort to provide some funds to the path of Allah is a noble endeavor as a supply of the hereafter in line with the hadith of the Prophet s a w. Hadith narrated by Muslim.
"When the son of Adam dies, then his deeds are cut off except for three things, namely charity, useful knowledge, and pious children" The idea of Waqf is very beneficial to religion, but this idea was once abandoned by Syarikat Takaful Malaysia Berhad in 2009. It is a challenge in the effort to make Takaful and Waqf option. At the same time, the Waqf element in Takaful is not coordinated through the creation of a plan specific to Infak. The terms Waqf in the product does not exist clearly and comprehensively in marketing. At the same time, there are issues related to the framework of distribution of death compensation to religious institutions is also not uniform between companies. Syarikat Zurich Takaful Malaysia Berhad (ZTMB) only places the Waqf nominee to the State Islamic Religious Council as the recipient of the Waqf. Perhaps this company looks at the context of Islamic jurisdiction under the states.
There are some constraints seen in performing Waqf as a new element in Takaful.  mentioned that lack of marketing support and lack of top management commitment to this concept has caused this idea to get less attention and become unpopular. Therefore, this research is conducted to examine the seriousness of industry players in channeling benefits to religious institutions other than compensation to participants only. This issue is very interesting to study as the commitment of top management seems to be more focused on profit compared to the welfare of religious institutions that elevate Islam. The seriousness of the company's top management in highlighting the distribution of death compensation in the form of Waqf to those who are eligible to receive it is crucial

Takaful Product Lack of Maqasid Shariah Element
The Takaful industry is seen to be too focused on marketing Takaful products with various marketing terms such as Hibah, income protection, cashless health card, and various other terms that attract consumers to subscribe to Takaful plans \ religious institutions, rather than looking at the overall concept and procedure of implementation the Waqf-Takaful follow the Maqasid Shariah principle.  claimed that Waqf -Takaful in Malaysia demised after 7 years of operation in 2009 due to unsolved Shariah-compliant issues by the Takaful companies. Therefore, to ensure the Waqf-Takaful been accepted and relevant in the Takaful industry, the Takaful companies need to develop an Islamic-friendly environment where participants/customers aware of their investment returns upon death were properly managed follow the Islamic jurisdiction and Maqasid Shariah Principle.

Unclear Waqf Element in Takaful Product
Waqf does not exist in the context of a clear product such as "Hibah" used by almost all companies. Waqf only exists in terms of the distribution of death compensation. This means that there is only death, then the distribution of Waqf occurs along with customer savings. The promotion of Hibah in the market is seen to be very active and in high demand. The Waqf element does not have to be a competition for Hibah but rather a Hibah and Waqf plan to balance the needs of the world and the hereafter.
Coinciding with the above phenomenon, it is concluded that Waqf -Takaful Compensation Model is part of the national agendas towards Share Prosperity Vision 2020 (SPV 2030) and Sustainable Development Goal (SDG 1 & 2) developed by Malaysian Government. The sharing of prosperity in terms of wealth and health were combine in Waqf -Takaful Compensation Model developed in this study where this Tabarru fund and Waqf fund in the Waqf-Takaful system gives the opportunity to Takaful participation to Infak their wealth to the needy and reduced the poverty level in Malaysia. The existent of Waqf in Takaful product is to support the efforts of the State Islamic Religious Council (MAIN) as the sole trustee of Waqf by jointly finding high demand projects that covered four sectors such as economic empowerment, education, health, and investment which will increase the Waqf fund for the better development of our country.
As an industry that promotes Takaful products, the Takaful companies need to be serious in managing this Takaful systematically so that it will impact the well-being of the community, especially Islam in Malaysia. Therefore, this study was conducted to look at the operation and management of Waqf elements in every Takaful company in Malaysia and make recommendations in strengthening Waqf in the Takaful industry by focusing on developing a model on the distribution of Waqf -Takaful Compensation Model follows the Maqasid Shariah concept in giving Waqf to these religious institutions. Therefore the objectives of this study were as follows: 1.To critical analyse the procedure and management system of Waqf-Takaful compensation Model implement by Takaful companies in Malaysia.
2. To examining the implementation of Maqasiq Shariah principles in governance and procedure of Waqf-Takaful Compensation Model implement by Takaful companies in Malaysia.

Literature Review
Waqf-Takaful represents the concept of Waqf in Takaful. The mechanism of implementation Waqf fund established by the Takaful operator or company where the Waqf fund is part of the company's capital endowed for the participants who are affected by the disaster according to the rules of use of funds (Rahman & Wan Ahmad, 2011). Whereas the concept of Takaful in Islam is based on the notion of mutual assistance (Ta'awun), mutual security and responsibility (Tadhamun), and mutual protection and assurance, incorporated into the concept of Tabarru' (donation) (Ali et al., 2014) Waqf define as holding and preservation of a certain sadaqah (charity) with the intention of prohibiting any use or disposition of the property outside the specific purposes to which the property cannot be sold (Chowdhury et al., 1996). The Waqf funds is invested in Mudharabah model, Wakalah model, or Hybrid model where the profits are put into a special fund for the purpose of implementing the goals of Waqf. Muhammad Taqi Usmani stated that the Waqf model is more in line with the basic concept of Takaful which describes a protection plan based on human brotherhood, a sense of mutual responsibility and cooperation among participants (Abdullah & Yaacob, 2012). This is because of the Waqf fund is collected based on initial contributions from the participants' capital to help Muslims in need. He considers the Waqf model fund as a legal entity, while the Takaful fund does have legal entity status. The contribution of these funds is not based on profit but is managed to look after the common good, where contributors are willing to give to the less fortunate members of the community

Waqf-Takaful Knowledge
The Waqf-Takaful knowledge is an important factor that contributes to the successful of Waqf-Takaful product implementation in Malaysia. Sulaiman, Hasan, Mohd Noor, Ismail, & Noordin (2019) claimed that a well design of Waqf-Takaful Compensation need be run by well knowledgeable professional officers and management who well verse with Waqf-Takaful systems for more excellence operations to achieve the overall efficiency and effectiveness. Waqf-Takaful system required the Takaful officer/ operator to understand the overall procedure required to ensure the documentation or contract required enough and process. The capital providers are the participants while the fund managers are the Takaful operators. Under this contract, the Takaful operator will accept the contributions from the participants. The contribution is deemed as a capital (ra'sul maal) that will be managed and invested in a Shari'ah compliant manner. The contract specifies that any profit from managing the fund will be shared between the Takaful operator and participant based on the ratio agreed upfront. (Ali et al., 2014). All this process required both parties the participant and the fund manager to understand clearly the risk and reward include in the contract so that compensation claim later will be clear.

Waqf-Takaful Operation
Rosele & Johari (2016) studied the operating model of Wakalah and Waqf adopted in the Takaful management system were more to conceptual rather than practical. There is a need to review the evolution in the selection of Wakalah Tabarru and Waqf by Takaful companies in Malaysia which is more practical. He claimed that Tabarru model and Waqf module can be implemented in Takaful-Waqf product in Takaful Companies in Malaysia as part of the Islamic Muamalat system.
Ab Rahaman & Yaacob (2014) did a case study on Waqf Takaful implemented by Syarikat Takaful Malaysia Berhad (STMB) which offers two products namely general Takaful and family Takaful found that STMB Waqf Takaful has achieved success in 2002-2004 by successfully collecting more than 5000 certificates. However, this product was discontinued from the market in 2009 due to uncertainty in the terms of the warranty contract that exists in the plan (Ab Rahaman & Yaacob, 2014). Although Syarikat Takaful Malaysia Berhad (STMB) had discontinued their Waqf -Takaful product but Mohamed et al (2014) study can be used as a guide for this study to look at the management elements of Waqf-Takaful by improving the existent Waqf -Takaful operations and distribution to religious institutions in line with the Shariah Maqasid. So that this study will propose a framework or standard operation procedure (SOP) that can be implemented by other Takaful company in Malaysia by analyzing the strengths and weaknesses of the current Takaful Waqf product of each company and suggest a model or framework that can be carried out to achieve the goals of the company which is more viable in the market and in line with Maqasiq Shariah in the future.

Waqf-Takaful & Maqasiq Syariah
Waqf-Takaful Compensation help in the fulfillment of religious requirement through performing various activities and mobilizing resources from rich to poor, creating employment opportunity to develop socio-economic conditions of the poor and whole society as ultimate results as what mention in Maqasiq Shariah concept (Chowdhury et al., 1996). According to Imam Al-Ghazali, the objectives of Sha'riah (Maqasid Al-Shariah) is to promote the well-being of all mankind which lies in safeguarding their faith (Al-din), their human life (Al-nafs), their intellect (Al-aql), their posterity (Al-nasl) and their wealth (Al-mal); whatever that ensures the safeguard of these five serves the public interest and is desirable (Farouq et al., 2015).
These five values are the fundamental elements of the human being. In order to ensure all the activities undertaken can protect the benefit of individual and community as well as to facilitate the improvement and perfection of human life in this world and the life in the Hereafter, the concept of Maqasid Al-Shariah need to be upheld all the time and to be prioritized accordingly. Table 1 highlighted the five concepts of Maqasid Al-Shari'ah. Faith is the most important value to be protected by individual Muslims. Takaful products must align with the Islamic principles and values, so activities are undertaken must be a shield to protect the person from committing a sin or becoming apostate and indulging in any activity that will obliterate his religion.

Protection of Life (Al-Nafs)
Life is very essential and valuable to everyone. Everyone needs a better and safer life. Protecting everyone's life is equally important and every individual and society should protect each other's.

Protection of Intellect (Al-'Aql)
Intellect is a precious gift from Allah (S.W.T) to the human being compared other creations. Everyone should protect this great gift from anything that might harm the ability and function of the brain. Protection of Posterity (Al-'Nasl) Posterity is an essential element in the life of a person. Young generation (Y generation) nowadays is a future leader of our countries. Islam is very concerned about the posterity of a person and emphasizes the important of protecting posterity.

Protection of Wealth (Al-Mal)
Wealth is a trust from Allah and needs to be developed and used honestly. The acquisition, as well as the use of wealth, should be complying with Islamic principles to ensure the entire wealth obtains the level of God pleasure and Barakah. Source: Fauzi & Rashid (2016) The Takaful concept is in line with Maqasid Al Shariah on protection of life. Its purpose is not to protect the life of the deceased, but protect the livelihood of those the deceased left behind. Looking after the wellbeing of the family left behind by the deceased is a clear concept approved by the Prophet S.A.W himself. When the Prophet S.A.W was asked by Sa'ad Ibn Abi Waqqas on how much he is allowed to donate as he only had one daughter. The Prophet S.A.W answered: "One third is much. Indeed to leave your heirs well-off is better than that you should leave them dependant on and beg from people" (Ahmad & Borhan, 2017). Ahmad & Borhan (2017) also highlighted an important Maqasid Al-Shariah or objective of Shariah pertaining to Waqf which is giving help and assistance to those in need in the society. The Waqf fund coupled with the Takaful concept of Ta'awun and Tabarru' given by participants, would benefit the heirs of the participants after their demise. The concept of Takaful itself ensures that the rights of the beneficiaries of the participants are protected and secured (Al-Shami, 2015) Waqf - Takaful Ibrahim et al (2016) were the models that focus on the Waqf fund in Takaful product. Ibrahim et al (2016) define their model as the proportionate of ownership of Tabarru/donation remains to participants if it is not used for payment of claims but will be transferred to Waqf fund and then will be transferred to secured Shariah-compliant investment companies to generate profit. The profit will be used for benefit of the participants for unfortunate events and donate to charities approved by Takaful company Shariah board (Al-Shami, 2015). Based on these two models, The Takaful company works as wakeel and Mudharib on behalf of the participants for the Waqf fund. The participant needs to sign up the form, gain the certificate after pay an unconditional donation to be a member of the Waqf fund with Takaful coverage. The participant and the Takaful company can enjoy the benefit from the Waqf fund including provide Qardh Hassan any other Takaful benefit to it participants. Table 2 describes the process of both models. Table 2 Waqf-Takaful Model Waqf-Takaful Governance Waqf-Takaful Model is a combination of the concept of Takaful practice by using Waqf-based contracts. This means that the participant becomes a member of a Takaful plan provided it submits a certain amount of money as Waqf which was previously Tabarru. With that action, participants will benefit from a spiritual (faith and reward) as well as physical point of view, which is compensation when disaster strikes. The money endowed by the participants in the Takaful scheme is intended to help other participants who are affected by the disaster (Hashim, 2007).

Both model Wakalah-Waqf Model and Waqf -Takaful Compensation Model suggested by
In Malaysia Waqf model based on Takaful application were lack of implementation because they were lack of disclosure in the standard procedure of the Waqf -Takaful product by the takaful companies. Many weaknesses exist in takaful operations especially in the distribution of death compensation to selected institutions of Waqf fund because there is lack of standard  (Rosele & Johari, 2016). Currently there is no coordination for these institutions to benefit due to conflicts between federal and state jurisdictions. Religious jurisdiction including Waqf is state jurisdiction. Therefore, there are some problems in determining the context of Waqf in the distribution of funds and compensation for the death of participants who want to be endowed. Therefore,this study will examining the existent model of tabarru and mudharrabah compared to Waqf-takaful and develop a model or framework Waqf-takaful procedure of distribution funds and compensation for the death of participants under Waqf fund.

Description of Methodology
This study uses a qualitative and quantitative (mixed) method. Quantitative research aims to deeply understand the phenomena related to research questions and the checklist of Takaful company documentations. A checklist will be transfer to google form and will be distributed to 300 respondents/Takaful operators' staff who were involved in the product development department or unit. The Checklist is focus on the question adopted with some modification from the study done by Muhamat et al (2019); Hassan et al (2018); Hassan et al (2013) to suit objectives of this study.
There were 4 matters discussed in the Waqf-Takaful Checklist (WTC) checklist :-Waqf-Takaful Knowledge, Waqf-Takaful Operation, Waqf-Takafal Maqasiq Shariah, and Waqf-Takaful Governance . The method used to score,was based on an unweighted index or dichotomous scores. All information was equally valued using the content analysis method and relevance to the items in each matter, which was given the score of "2" if the items available/implemented by the company, the score "1" given if the item partially available/implemented by the company, and "0" if it was not available/implemented by the company. The unweighted method scores adopted with modification from by the studies of Arsad et al (2018) and Rahayati et al. (2017) were as follows: WTC = nj∑ t=1 Mij Nj*2 *WTC=Waqf-Takaful Index *Nj= Number of items expected for the company nj ≥ items of each matters *Mij="2" if the items available/implemented by the company, the score "1" given if the item partially available/implemented by the company, and "0" if it was not available/implemented by the company The qualitative approach is to explore professional opinion and focus group discussion by interviewing 50 respondents including 20 Shariah / Muamalat experts, 20 Shariah panels, and 10 industry players who expert in the Takaful industry whose very well verses with Waqf-Takaful framework or model in Malaysia.
The next stage is to conduct a pilot study of 5 Takaful companies randomly selected for validity testing. Based on the pilot study result some adjustments will be made to the index before the real field study will be done. This study required the researchers to do physical observation (fieldwork) and interview of each element stated in the framework. This study covers a checklist related to the Waqf -Takaful management framework conducted in 12 Family Takaful Companies. This checklist covers the operating framework of the company's corporate framework which consists of the following variables: 1. Waqf model carried out in Waqf operations -Waqf guardians and Waqf recipients application Form with a contract that has a Waqf element 2. Letter of confirmation of granting rights such as the assignment of absolute right/ absolute assignment 3. Claim form that has the option of delivery process channel to the institution of Waqf Recipient 4. Takaful certificate which has a record of recipients and endowers 5. Our marketing materials are products that have the element of Waqf 6. Proof of submission that has been carried out to the institution involved with the Beneficiary Each of these variables will be made a checklist to ensure that each company has similarities, differences, or no differences. The checklist/ indexes developed in this study will be score using the dichotomous score of "2" if similar in each item listed in the checklist/indexes ."1" if different in each item required on each item and lastly "0" if no different in any of the items stated in the checklist/indexes mention above.
The qualitative study in this research involved an interview to obtain additional information as well as further information on the views of Shariah experts, company shariah panels, and Takaful industry players. The questions were adopted and adapted from the study done by Naim, Isa, & Rahim (2018). The sample taken were based on the number of Takaful companies in Malaysia which is 12 Takaful companies which involved in Waqf-Takaful product. Therefore, an interview protocol was held to Takaful industry players consisting of 20 Shariah / Muamalat experts, 20 Shariah panels, and 10 industry players who expert in the Takaful industry whose very well verses with Waqf-Takaful framework or model in Malaysia. An interview protocol has been developed to facilitate the interview technique to be carried out. Interviews will be held in the form of recordings. Each recording will be transcribed.

DATA ANALYSIS -Phase 1: Quantitative Data analysis
The raw data from the checklist will go through Reliability Test using Cronbach's Alpha testing in SPSS statistics software. The items that pass the Cronbach's alpha value range from 0.70 to 0.90 were the excellent reliability result (Taherdoost, 2018) will be included in the framework developed in this study-Stage 2 DATA ANALYSIS -Phase 2: Qualitative Data analysis A focus group interview will be done to verify the Pre-Development of Waqf-Takaful Model. This semi structure interview data will record and later transcribed using the NVivo software. The data will be analyse and interpret based on the 4 matters discussed in this study and several modifications will be done to Waqf-Takaful Compensation Model to achieve the objectives of this study.

Conclusion
The concept of Waqf in Takaful refers to the distribution of Takaful contributor death compensation benefits to the nation in term of permanent Waqf property. In order make Malaysia as one of the centers of Islamic Financial Hub in Asia especially in Takaful industry, the government need to coordinate with the private Takaful institution such as Malaysian Takaful Association to review the management of Takaful-wakaf implemented by Takaful companies in Malaysia.Takaful-Waqf Model create productive social-economic ummah in Malaysia. Although this study still in progress but the end result of this study will contribute to a development of a Waqf -Takaful Compensation Model that can be part of the national agendas towards Share Prosperity Vision 2020 (SPV 2030) and Sustainable Development Goal (SDG 1 & 2) since the sharing of prosperity in term of wealth and health were combine in Waqf -Takaful Compensation Model which gives the opportunity to Takaful participation to infak their wealth to the needy and reduced the poverty level in Malaysia This research may contribute to the new knowledge when the development of the new Takaful-Waqf compensation model will adopt the Maqasid Syariah principles in Takaful Companies management system and product in Malaysia. Maqasiq Syariah is an important principle in Islamand it should be focus seriously so that the Waqf-Takaful Model developed will not shif away from Islamic value such as safeguarding their faith (Aldin), their human life (Al-nafs), their intellect (Al-aql), their posterity (Al-nasl) and their wealth (Al-mal).
The Waqf Takaful Compensation Model will definitely benefit religious institutions, charity organization, pondok/tahfiz institution since the the Waqf fund through this tabarruk system will definitely benefit if it can be carried out systematically by all Takaful companies in Malaysia. This study can also be used as a source of Management research in the context of muammalat which can be used as a guide for future Takaful researchers