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Development of Social Cost and Benefit Analysis (SCBA) in the Maqāṣid Shariah Framework: Narratives on the Use of Drones for Takaful Operators

Author

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  • Amirul Afif Muhamat

    (Faculty of Business and Management, Universiti Teknologi MARA (Selangor Campus), Puncak Alam 42300, Malaysia)

  • Ahmad Farouk Zulkifli

    (Faculty of Business and Management, Universiti Teknologi MARA (Selangor Campus), Puncak Alam 42300, Malaysia)

  • Suzana Sulaiman

    (Faculty of Accountancy, Universiti Teknologi MARA (Selangor Campus), Puncak Alam 42300, Malaysia)

  • Geetha Subramaniam

    (Graduate School of Business, SEGi University, Kota Damansara, Petaling Jaya 47810, Malaysia)

  • Saadiah Mohamad

    (Faculty of Business and Accountancy, Universiti Selangor, Shah Alam 40450, Malaysia)

Abstract

Takaful operators are part of the Islamic financial institutions that are expected to achieve the commercial and social objectives by their stakeholders particularly the takaful participants (policyholders). First, this study aims to postulate a new framework to measure cost effectiveness by including the social and economic benefits of drone-assisted technology in the context of maqāṣid Shariah. Second, the study intends to investigate how the takaful industry can benefit from the drone-assisted technology, particularly in terms of cost reduction. This paper presents an early finding that forms part of a bigger research project which is focusing on the use of drone for disaster victim identification (DVI). This study employs thematic analysis of qualitative research method by engaging key informants who are Shariah expert, drone practitioner and accounting expert. In the context of emerging economies like Malaysia, the adoption of drone is sporadic when some industries such as military and agriculture are quite experienced with it; but for the takaful sector is almost none. This study provides preliminary findings that suggests there is potential of cost effectiveness for drone usage from the perspectives of SCBA in the maqāṣid Shariah framework. The main contributions from this paper are: (1) the new SCBA framework derived from the maqāṣid Shariah perspective and, (2) the application of this framework in examining the cost effectiveness on the use of drones by the takaful operators especially during disaster.

Suggested Citation

  • Amirul Afif Muhamat & Ahmad Farouk Zulkifli & Suzana Sulaiman & Geetha Subramaniam & Saadiah Mohamad, 2021. "Development of Social Cost and Benefit Analysis (SCBA) in the Maqāṣid Shariah Framework: Narratives on the Use of Drones for Takaful Operators," JRFM, MDPI, vol. 14(8), pages 1-17, August.
    • Handle: RePEc:gam:jjrfmx:v:14:y:2021:i:8:p:387-:d:617294
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    References listed on IDEAS

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    1. Syed Aun R. Rizvi & Irum Saba (ed.), 2017. "Developments in Islamic Finance," Palgrave CIBFR Studies in Islamic Finance, Palgrave Macmillan, number 978-3-319-59342-5, December.
    2. Shafiullah Jan & M. Fahad Siddiqi & Karim Ullah, 2019. "Maqasid al Shariah and Stakeholders’ Wellbeing in Islamic Banks: A Proposed Framework," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 11(1), pages 83-102, March.
    3. Mukdad Ibrahim, 2015. "Measuring the Financial Performance of Islamic Banks," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 5(3), pages 1-7.
    4. Ngai Weng Chan, 2015. "Impacts of Disasters and Disaster Risk Management in Malaysia: The Case of Floods," Risk, Governance and Society, in: Daniel P. Aldrich & Sothea Oum & Yasuyuki Sawada (ed.), Resilience and Recovery in Asian Disasters, edition 127, chapter 0, pages 239-265, Springer.
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