P. Ghazali, Sharifah Arni Syed Jaaffar, Nik Hazimi Mohammed Foziah, A. Tambi, Farah Amalina Md Nawi, M. Mamat, S. Mohammad, W. Daud, Mohd. Sadad Mahmud
{"title":"The Construction of a New Mathematical Model for Islamic Home Financing","authors":"P. Ghazali, Sharifah Arni Syed Jaaffar, Nik Hazimi Mohammed Foziah, A. Tambi, Farah Amalina Md Nawi, M. Mamat, S. Mohammad, W. Daud, Mohd. Sadad Mahmud","doi":"10.21315/AAMJ2019.24.S1.3","DOIUrl":null,"url":null,"abstract":"Islamic financial institutions apply few mathematical formulas in constructing Islamic home financing models. However, the available products in the markets are deemed to be a burden to the low to medium income earners, while the mortgage takaful only compensates selected cases such as death and total permanent disability without including the protection against those who loss an effort to work. Hence, this study derives a new formula of Islamic home financing where the profit is calculated based on one-third of the total amount of financing, while the new model of mortgage takaful will compensate those who are losing effort to work. Therefore, this study aims to derive a new formula of home financing and mortgage takaful model by using an integrated model.","PeriodicalId":44777,"journal":{"name":"Asian Academy of Management Journal","volume":null,"pages":null},"PeriodicalIF":1.2000,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"23","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Academy of Management Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21315/AAMJ2019.24.S1.3","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 23
Abstract
Islamic financial institutions apply few mathematical formulas in constructing Islamic home financing models. However, the available products in the markets are deemed to be a burden to the low to medium income earners, while the mortgage takaful only compensates selected cases such as death and total permanent disability without including the protection against those who loss an effort to work. Hence, this study derives a new formula of Islamic home financing where the profit is calculated based on one-third of the total amount of financing, while the new model of mortgage takaful will compensate those who are losing effort to work. Therefore, this study aims to derive a new formula of home financing and mortgage takaful model by using an integrated model.
期刊介绍：
The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.
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