Investing Muslim Public Funds for Fulfilling Maqāsid al-Shariaah: A Case Study of Tabung Masjid in Malaysia (Melabur Dana Awam Islam untuk Memenuhi Maqāsid al- Shariaah: Kajian Kes Tabung Masjid di Malaysia)
Authors: Zakariyah Luqman , Sarif Suhaimi Bin Mhd , Osman Rahmah Bt. Ahmad , Abd Rahman Shukran , Noor Azman Bin Mohd 
Published: July 2019

Abstract
This study aims at determining the investment strategies of Masjids in Malaysia. Drawing from the success story of Tabung Haj, the study has focused on establishing the need for the efficiency in investing Tabung Masjid toward benefiting the public and fulfilling maqasid al-Shariaah (Objectives of Shariaah). The study introduces a Maqasid based framework to test the significance of investing TM. The sample consists of 287 mosques in 9 states of Malaysia. Cross-tabulation, ANOVA, and correlations were conducted on the data collected through self-administered questionnaire. Granger causality test is performed on the forecasted investment and development indicators. Cross-tabulation results indicated that amount of donations and investment strategies of tabung vary states in Malaysia. ANOVA results have proved that money saved by mosques in banks varies significantly among states. Tukey test results indicate that mosques in southern states save less amount of Tabung Masjid in the bank compared to the masjid in other states. Correlation results proved that savings in the bank have a negative relationship with the intention toward general and capital investment. Investment of Tabung Masjid is found to have a significant positive causal relationship with economic development. Data used for analysis is of opinion and forecasted values, the exact amount of donation and investment in various sources could not be obtained. Efficient utilization of Tabung Masjid will allow mosques to play a significant role in shaping the socio-economic profile of Muslim community in Malaysia and similar initiative will also be helpful for any developing countries.
Keywords: Investment, Public Funds, Maqasid al-Shariaah, Donations, Malaysia; Charity, Tabung Masjid.
Abstrak
Kajian ini bertujuan untuk menentukan strategi pelaburan Masjid di Malaysia. Memelajari dari kisah kejayaan Tabung Haji, kajian ini menumpukan kepada keperluan penubuhan untuk kecekapan Tabung Masjid ke arah memberi manfaat kepada orang ramai dan memenuhi Maqasid Al-Shariah (Objektif Syariah). Kajian ini memperkenalkan rangka kerja berasaskan Maqasid untuk menguji kepentingan melabur TM. Sampel ini terdiri daripada 287 masjid di 9 negeri di Malaysia. Tabulasi silang, ANOVA, dan korelasi dijalankan ke atas data yang dikumpul melalui penyelidikan sendiri. Ujian kausal Granger dilakukan pada penanda aras pelaburan dan pembangunan. Hasil penyelarasan menunjukkan bahawa jumlah derma dan strategi pelaburan tabung berbeza-beza di Malaysia. Hasil ANOVA telah membuktikan bahawa wang yang diselamatkan oleh masjid di bank sangat berbeza antara negeri. Hasil ujian Tukey menunjukkan bahawa masjid-masjid di negeri-negeri selatan menjimatkan jumlah Tabung Masjid di bank berbanding dengan masjid di negeri-negeri lain. Hasil korelasi membuktikan bahawa simpanan di bank mempunyai hubungan negatif dengan niat ke arah pelaburan umum dan modal. Pelaburan Masjid Tabung didapati mempunyai hubungan kausal positif yang signifikan dengan pembangunan ekonomi. Data yang digunakan untuk analisis adalah pendapat dan ramalan nilai, jumlah sumbangan yang tepat dan pelaburan dalam pelbagai sumber tidak dapat diperolehi. Pemanfaatan Tabung Masjid yang cekap akan membolehkan masjid untuk memainkan peranan penting dalam membentuk profil sosioekonomi masyarakat Islam di Malaysia dan inisiatif yang sama juga akan membantu mana-mana Negara lain yang sedang membangun.
Kata Kunci: Pelaburan, Dana Awam, Maqasid-Al-Shariah, Derma, Malaysia; Amal, Tabung Masjid.