Asiah Nadhirah Binti Nor Nizam, Mohamed Asmy Bin Mohd Thas Thaker, Anwar Allah Pitchay

Empowering Immigrant Entrepreneurship Activities: Business Support and Cash Waqf for Immigrant Entrepreneurs Model

Introduction

Empowering immigrant entrepreneurship activities: business support and cash waqf for immigrant entrepreneurs model. Empower immigrant entrepreneurs in Malaysia with the BS-WIEM model, utilizing Islamic finance and Cash Waqf to tackle funding access and business support challenges. Provides alternative funding.

Abstract

This study aims to shed a light on how Islamic finance can play a significant role in alleviating the challenges that IE experienced and improving the accessibility to fiscal sources and social integration of the Immigrant Entrepreneurs (IE) in the host country, especially Malaysia. The prominent challenges that the IEs are facing are the difficulties in accessing the capital to finance their business and the lack of knowledge of the local regulations. The findings lead to a model that aims to tackle the challenges that IE experienced via Business Support and Cash Waqf for IE Model (BS-WIEM). The BS-WIEM acts as a comprehensive initiative to bridge the resource disparity among IE in terms of funding accessibility and human capital development. This study attempts to construct the BS-WIEM based on the extensive literature review related to the challenges the IE experienced and waqf. This research can positively impact the development and funding of the IE in Malaysia. This study will provide insights to the government, waqf institutions, corporations, financial institutions, and policymakers about alternative funding options for IE businesses and start-ups in the host country. Less tension on the public spending by the government with the involvement of non-profit organizations. This conceptual paper only explores the literature; thus, no empirical analysis is available. More in-depth and comprehensive insights could be identified with the empirical studies. Future research on the regulatory and shariah perspective of the model should be done. The findings of this paper will offer a cash waqf model as an alternative to fund the development of entrepreneurship in Malaysia, especially for immigrants.

Review

This paper presents a timely and highly relevant conceptual model, the Business Support and Cash Waqf for Immigrant Entrepreneurs Model (BS-WIEM), addressing the significant challenges faced by immigrant entrepreneurs (IEs), particularly in accessing capital and navigating local regulations. The proposition to leverage Islamic finance, specifically cash waqf, as an alternative funding mechanism coupled with business support for social integration is both innovative and commendable. The study's focus on Malaysia provides a tangible context for exploring this model, which promises to bridge resource disparities and offer a more sustainable, less government-dependent approach to fostering IE success. This initial exploration holds the potential to significantly impact policymakers, financial institutions, and waqf organizations seeking alternative funding options and comprehensive support systems for IEs. However, a primary limitation, explicitly acknowledged by the authors, is the purely conceptual nature of this paper. The model's construction is based solely on an "extensive literature review," lacking any empirical analysis or validation. This absence means the practical feasibility, operational mechanics, and actual effectiveness of the BS-WIEM in a real-world context remain theoretical. Furthermore, while the challenges for IEs are well-articulated, the abstract could benefit from detailing the specific theoretical foundations or frameworks underpinning the model's design, beyond just identifying problems and proposing a solution. The authors also highlight the need for future research on regulatory and Shariah perspectives, indicating that critical implementation aspects are yet to be thoroughly explored within the current scope. In conclusion, this paper serves as an important initial step in proposing a novel and potentially impactful framework for empowering immigrant entrepreneurship. It effectively outlines a significant problem and offers a creative, socially conscious solution through the BS-WIEM. While the conceptual groundwork is valuable, its true contribution and utility will depend heavily on the rigorous empirical validation and in-depth analysis of its regulatory and Shariah compliance, as suggested by the authors. As it stands, the paper functions more as a compelling research agenda and a call for further investigation rather than a fully developed and substantiated model. Future research that addresses these empirical and practical gaps will be crucial to realizing the full potential of the BS-WIEM.

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