Moderating Effect of WAQF for Tourism Sustainability in Malaysia: A Mixed-Method Approach

Shafinar Ismail, Mohammed `Izzudin Ismail, Putri Aliah Mohd Hidzir, Suharni Rahmat and Suzila Ismail

Information Management and Business Review, 2023, vol. 15, issue 4, 16-30

Abstract: Due to its substantial contributions to the economy, society, environment, and other sectors, tourism is vital. To keep the tourism business sustainable, the government and other relevant stakeholders must allocate a sizable budget. Consequently, waqf is one way to lessen reliance on government funding. Waqf, in general, refers to assets that Muslims willingly donate and plan to use or grow for the good of the community. The purpose of this study is to determine whether the tourism industry and the economic, social-cultural, environmental, and transversal pillars are significantly correlated. It also looks at how waqf moderates the relationship between the tourism sector's sustainability and the economic pillar. Both quantitative and qualitative methods are used in this methodology. Quantitative data were obtained from 150 respondents, and qualitative data were collected through interviews to verify the quantitative findings. The results show significant positive relationships between economic, social-cultural, environmental, and transversal pillars with tourism industry sustainability. The result also demonstrates that waqf moderates the relationship between the economic pillar and tourism industry sustainability. The implications of waqf would contribute to essential services to the community. This had many significant impacts on the economy as a whole and the sustainability of the tourism industry itself. Waqf can reduce the budget deficit, decrease the need for government borrowing, and decrease the interest rate, thereby removing a significant impediment to private and investment growth.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:rnd:arimbr:v:15:y:2023:i:4:p:16-30

DOI: 10.22610/imbr.v15i4(I).3488

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