NEWS
2026.03.05
【Report】The Seventh International Colloquium on Asian Paths of Civilization and Development: Islamic Economics Beyond Neoliberalism: The Convergence of Takaful, Islamic Social Finance, Halal Tourism, and Governance Trends in Asian Muslim Societies
On February 2, the International Colloquium on Asian Paths of Civilization and Development VII, “Islamic Economics Beyond Neoliberalism: The Convergence of Takaful, Islamic Social Finance, Halal Tourism, and Governance Trends in Asian Muslim Societies” was held on February 2, 2026, at the Asia-Japan Research Institute (AJI), Ritsumeikan University, Osaka Ibaraki Campus (OIC), and Online (via Zoom).
First, the moderator and session chair, Dr. Ammar Khashan, Associate Professor at the Ritsumeikan Asia-Japan Research Organization, Ritsumeikan University, opened the symposium and introduced Prof. Kosugi Yasushi, Professor and Director of the Ritsumeikan Asia-Japan Research Organization, Ritsumeikan University, who delivered the welcoming address.
Following the welcome address, Dato’ Dr. Mohamed Azam, Director-General of the Institute of Understanding Islam Malaysia (IKIM), offered brief introductory remarks, highlighting IKIM’s institutional background and expressing support for the academic collaboration.
Prof. Kosugi Yasushi
Dato’ Dr. Mohamed Azam
The presentations started with a lecture by Prof. Emeritus Dato’ Dr Mohd Yusof bin Haji Othman, Deputy Chairman of the Institute of Islamic Understanding Malaysia (IKIM), titled “Understanding Malaysia MADANI: Islamic Civilisation, Governance, and Social Harmony.”
Prof. Mohd Yusof began by saying that the globalized world faces ongoing changes that are causing economic uncertainty, humanitarian crises, environmental issues and power struggles. Meanwhile, the Muslim ummah is confronting internal conflicts, the dominance of global powers in science, technology, and the economy, slander by international media, and the erosion of its cultural values and identity.
He explained that scientific and technological development has neither been environmentally friendly nor spiritually balanced, resulting in “Excellence Without a Soul.”To counter this, Muslims must promote justice, wellbeing, prosperity, compassion, and mercy. This will require a united Ummah that encourages scientists grounded in an Islamic worldview (tasawur Islam) to promote a human-centered, ethical economy through Islamic banking and finance, education and media, thereby nurturing a Rabbani generation to shape media narratives that reflect the true values of Islam.
Prof. Mohd Yusof outlined Malaysia’s strengths for leading this mission and recommended that its Islamic educational institutions and NGOs implement Islamic policies for both Muslim and non-Muslim communities.He concluded by calling on every Muslim to convey the message of justice and mercy through their good character, knowledge, and professionalism, because, amid the moral confusion and political crises, Islam has the potential to emerge as an alternative civilization founded on Unity (tauhid), justice, and universal well-being.
Dr Mohd Yusof
Next, Associate Professor Zul Ilham Bin Zulkiflee Lubes, Principal Fellow and Director, Centre for Science and Environment Studies (KIAS), Institute of Islamic Understanding Malaysia (IKIM), gave a presentation titled “Climate Change as a Scientific and Moral Crisis: Islamic Stewardship in the Search for Global Solutions.”
Dr. Zul Ilham illustrated through a series of alarming graphs how, since the late 20th century, steep rises in urban populations, water use, waste, fertilizer consumption, and humans’ technological progress are mirrored by sharp rises in stratospheric ozone depletion, deforestation, surface temperatures, fish population decline, ocean acidification and so on. In addition, a new group of countries denies the scientific evidence that pollution has already exceeded planetary boundaries and rejects existing global agreements that limit pollution in pursuit of their economic interests.
He said that the Quran teaches that the environment is not human property, but a trust given to us by God, and that we are accountable for how we manage this trust. Moreover, the Islamic principles of seeking public benefit and refraining from causing harm obligate individuals to act against environmental degradation that threatens communal wellbeing.
He proposed the Malaysian “Madani City” concept under the acronym PEACE, representing Physical-optimal land use; a productive Economy, correct Administrative governance, Community well-being, and Environmental sustainability. This concept emphasizes energy conservation over energy generation through reduced emissions, urban agriculture, green spaces, passive cooling, and energy generation via passive solar and waste decomposition.
In conclusion, he recommended Eco-mosques, Waqf for reforestation and renewable energy, the teaching of environmental ethics, and faith-based partnerships for climate action.
Professor Zul Ilham Bin Zulkiflee Lubes, giving his presentation
The third speaker was Dr. Anwar bin Allah Pitchay, Associate Professor, School of Management, Universiti Sains Malaysia (USM), whose presentation was titled “The Efficiency of Wakalah Zakat Operational Model and Its Implications for Islamic Social Finance: Case of Perbadanan Kemajuan Negeri Kedah (PKNK) Community Development Programs.”
Dr. Anwar explained that Malaysia’s complex Wakalah zakat system, whose advanced collection methods far surpass its inadequately monitored distribution system, results in insufficient funds reaching the beneficiaries. His research applied Institutional Theory to identify critical gaps by examining how coercive, mimetic, and normative pressures influence PKNK’s operational structures, thus hindering its Islamic social finance objectives. Through semi-structured interviews and documentary analysis of Zakat records, distribution reports, and incentive schemes to identify strengths and areas for improvement, he offered recommendations to LZNK and other institutions to refine governance frameworks, promote transparency, accountability, and Shariah compliance.
Dr. Anwar bin Allah Pitchay giving his presentation
The fourth lecture was delivered by Dr. Ahmad bin Khaliq, an Assistant Professor in the Department of Finance at the Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia (IIUM). It was titled “Waqf-Based Healthcare Financing in Malaysia: Bridging the Gap Between Tradition and Modern Healthcare Sustainability.”
Dr. Ahmad stated that Malaysia’s Ministry of Health (MOH) budget faces mounting pressures from escalating costs, an aging population, rising rates of chronic lifestyle diseases, and the COVID-19 pandemic. Waqf (Islamic endowment) provides a sustainable financing mechanism for hemodialysis centers, medical equipment, and waqf-funded clinics, thereby relieving government fiscal burdens while ensuring equitable access to healthcare for underserved populations.
However, waqf healthcare in Malaysia remains underutilized and fragmented, as waqf resources are not systematically integrated into national healthcare policy frameworks. He addressed critical gaps in understanding waqf healthcare’s role in Malaysia’s health financing ecosystem and offered practical policy recommendations for Malaysia and other Muslim-majority nations facing similar issues.
Dr. Ahmad bin Khaliq giving his presentation
After the lunch break, the afternoon session began with the fifth speaker, Dr. Muhammad Hakimi Mohd Shafiai, an Associate Professor in the Faculty of Economics and Management at Universiti Kebangsaan Malaysia (UKM). His presentation was titled “Islamic and Halal Economic Studies: A Comparative Analysis of Malaysia and Japan.”
Dr. Hakimi introduced the history of Islamic and halal economic studies , from their origins in the Revelation to the emergence of Modern Islamic Economics in the 1950s-1970s, their institutionalization, and their current integration, sustainability, and global relevance. He emphasized that the way forward is the transition from Shariah compliance to a meaningful economic impact.
Comparing Malaysia and Japan, he argued that Malaysia’s halal economy is both a religious obligation and a national economic strategy aimed at promoting justice, reducing inequality, and supporting inclusive growth. Meanwhile, Japan’s halal economy is driven by access to Muslim markets, export competitiveness, and the attraction of Muslim tourists and students, with a focus on commercial viability rather than ethical considerations.
From the perspectives of inclusivity and global engagement, halal economics in Malaysia is ethical, universal, and suitable for Muslims and non-Muslims. Malaysia actively engages with OIC and non-OIC countries and seeks leadership in global halal standards.
Meanwhile, in Japan, Halal is regarded as a niche requirement for specific consumers, a form of cultural sensitivity, with a strong emphasis on intercultural understanding rather than leadership.
After analysing both countries’ strengths and limitations, Dr. Hakimi concluded that Malaysia represents a normative and institutional model, in which Islamic and halal economics are integral to nation-building and ethical governance, whereas Japan represents a pragmatic and market-based model, in which halal serves as a tool for global engagement and inclusivity, and Together, they illustrate that Halal and Islamic economics can function both as a faith-based system and as a universal market standard, depending on social and cultural context.
Dr. Muhammad Hakimi Mohd Shafiai giving his presentation
The sixth speaker was Dr. Mari Adachi, a Postdoctoral Fellow at the Japan Society for the Promotion of Science (JSPS), whose title was “From Practice to Framework: Tracing the Early 2000s Integration of ZISWAF in Indonesia.”
Dr. Adachi’s presentation traced the historical trajectory of the integration of Zakat, infaq, and sadaqah into ZISWAF, a term widely circulated in Indonesian newspapers (particularly Republika). ZISWAF is a concept that informs donors that “We handle zakat, infaq, sadaqah, and wakaf through a single point of contact,” thereby contributing to the efficiency of fundraising and operations. NGOs actively adopted the umbrella term “ZISWAF,” exemplified by Dompet Dhuafa, at least from the 1990s to the 2000s, and it became established in academic, administrative, and practical literature, including that of LAZ (Lembaga Amil Zakat) and Academic Journals from the mid-2000s onward.
While Dr. Adachi found no descriptions tracing the precise origins of ZISWAF, it became clear in the early 2000s that practitioners took ZISWAF for granted and that practitioners’ demand for optimization was a key factor in establishing the ZISWAF framework.
Dr. Mari Adachi giving his presentation
The seventh presenter was Dr. Hassanudin bin Mohd Thas Thaker, an Associate Professor in the Department of Economics at the International Islamic University Malaysia (IIUM). His lecture was titled “Brain Drain in Malaysia: An Islamic Socio-Economic Perspective on Talent Exodus and Sustainable Solutions.”
Dr. Hassanudin informed us that Malaysia’s brain-drain crisis presents both a challenge and an opportunity to demonstrate the practical applicability of Islamic economic principles to contemporary development issues.
Examining the issue from an Islamic socio-economic perspective, he found that conventional retention strategies fail to address the needs of talented individuals and proposed an Islamic Talent Retention Framework (ITRF) based on the protection of faith, life, intellect, lineage, and wealth. He proposed policy reforms grounded in Islamic principles, improved institutional governance, and value-based professional development programs.
Dr. Hassanudin’s research contributes to the limited literature on Islamic economic solutions to contemporary development challenges and offers practical proposals.
Dr. Hassanudin bin Mohd Thas Thaker giving her presentation
The eighth presenter was Dr. Mohamed Asmy bin Mohd Thas Thaker, an Associate Professor and Head of the Department of Economics at the International Islamic University Malaysia (IIUM). His lecture was titled, “Leveraging the Cash Waqf Model for Coastal Communities as a Sustainable Model for Entrepreneurial Resilience and Regional Development in a Globalized Economy.”
Dr. Asmy explained that Coastal Communities that play a critical role in driving local economies often face challenges accessing financing in an increasingly uncertain trade environment. To solve this issue, he investigated the potential of cash waqf as a sustainable and inclusive funding mechanism. Through qualitative case studies and policy analysis, he analyzed how cash waqf can be structured and operationalized to support the growth of coastal communities. He proposed a novel conceptual framework for integrating cash waqf into entrepreneurial financing ecosystems, emphasizing its potential as an instrument tailored to the needs of coastal communities that bridges the gap between Islamic philanthropic practices and contemporary challenges in entrepreneurial financing, particularly in the context of trade volatility, climate uncertainty, and globalization. His study provides insights for integrating Islamic social finance tools into broader national development strategies and entrepreneurial ecosystems, particularly in Muslim-majority and emerging economies.
Dr. Mohamed Asmy bin Mohd Thas Thaker giving his presentation
The ninth presentation was delivered by Mohd Haziqi Hilmi of the Institut Islam Hadhari at Universiti Kebangsaan Malaysia (UKM). The title was “Innovating Waqf through Analytical Concept of Waqf of Expertise.”
Mohd Haziq Hilmi proposed that while ‘Waqf of Expertise” is not found in classical fiqh, expertise can be an extension of waqf. Prophet Muhammad sent his Companions to teach without payment, thereby demonstrating early Islamic recognition of expertise as a form of public benefit. In Malaysia, similar practices include community-based education, advisory services and knowledge-sharing programs. These practices are not yet recognized as waqf because they have not been institutionalized. He argued that the Waqf of Expertise can fulfill the basic requirements of a waqf by transformation into tangible assets, such as academic output, intellectual property, and digital assets, thereby leveraging the potential of human capital for long-term socio-economic development.
He proposed that the Waqf of Expertise be recognized and institutionalized, and that, through collaborative efforts, a strong culture of expertise-based waqf could create substantial opportunities for sustainable growth and a lasting sadaqah jariyah.
Mohd Haziqi Hilmi giving his presentation
After a brief coffee break, the second afternoon session began with the tenth speaker, Muhammad bin Jasmi, a PhD Candidate and Senior Administrative Officer, Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM). His title was “Mainstreaming Waqf Instrument among Students’ Entrepreneurship in UKM.”
Muhammad bin Jasmi’s study evaluated the practical use of waqf instruments for student entrepreneurship by converting waqf funds into a productive asset to generate sustainable income through vending machines, demonstrating commercial returns, waqf reinvestment, and operational sustainability. Through this experimental model, students were directly exposed to an entrepreneurial ecosystem that integrated Islamic social finance with practical business operations, thereby fostering financial responsibility, innovation, and long-term socio-economic impact within the university community.
He demonstrated that providing students with practical experience in a successful waqf cycle can develop a strong culture of expertise-based waqf, creating vast opportunities for sustainable growth and a lasting sadaqah jariyah.
Muhammad bin Jasmi giving his presentation
The eleventh presentation was delivered by Nur Syahidah binti Shahabuddin, a PhD Candidate and Senior Administrative Officer at the Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM). It was titled “ICIHES as a Knowledge Hub for Global Learning and Halal Travel Development.” Nur Syahidah outlined the rapid growth of the global halal economy, noting its expanding market value and increasing relevance across sectors such as food, Islamic finance, and tourism. She positioned ICIHES (International Conference on Islamic and Halal Economic Studies) as more than a conventional academic conference, describing it as a strategic platform that connects academia, industry, and policymakers. She highlighted how ICIHES contributes to building a halal research ecosystem at UKM through endowment initiatives, research collaboration, and international partnerships. By integrating scholarly exchange with industry engagement, she argued, ICIHES strengthens the global halal network and promotes sustainable growth in the halal economy.
Nur Syahidah binti Shahabuddin giving his presentation
The twelfth speaker was Prof. Shin Yasuda of the Department of Tourism Policy, Faculty of Regional Policy at Takasaki City University of Economics, Japan. He gave a lecture on “Exploring the Value of Socializing in Islamic Tourism: Perspectives from Adab Literature.”
The purpose of Prof. Yasuda’s lecture was to investigate the value of socializing practices in Islamic tourism from the perspective of promoting the common good (maslaha) and social and economic justice, while combining material success with moral and spiritual fulfilment. He cited Abu Hamid al-Ghazali’s famous work, Ihya Ulum al-Din, on the Islamic manners related to travel and hospitality, which highlights welcoming guests and giving preference to travelers (ibn al-sabīl).
Prof. Yasuda emphasized that the role of travel within Islam prioritizes the acquisition of Islamic sociability through interactions with others over the fulfilment of individual desires or pleasures, thus creating bonds based on Islamic value norms, while also forming the basis of trust and norms that can improve societal efficiency
Prof. Shin Yasuda giving her presentation
The thirteenth and final presenter was Dr. Ammar Khashan, an Associate Professor at Ritsumeikan Asia-Japan Research Organization, Ritsumeikan University. He discussed “Islamic Welfare in an AI-Mediated World: Rebuilding Social Solidarity After Neoliberalism.”
Dr. Ammar explained that in the current Neoliberal society, human beings have become isolated individuals, and that regaining human well-being requires a return to social solidarity. He defined the Arabic term Takāful (solidarity) as a mutual social responsibility. Takāful begins with mutual guaranteeing and, in practice, requires a combination of Islamic financial instruments such as Zakāt, the obligatory redistribution of alms with defined aims; Ṣadaqa/infāq, the flexible and rapid redistribution of alms that can respond to immediate needs; and Waqf, the giving of an asset to provide long-term benefits.
Dr. Ammar argued that capitalism is not concerned with human wellbeing but with the maintenance of the state, and that artificial intelligence will exacerbate this problem, so that efficiency becomes the sole object and solidarity is reduced to just administration. He expressed that when welfare becomes data, the poor become “profiles,” not humans. Because digitizing payments is easier than building accountability and trust, and because AI supports workflows rather than moral judgment, it is necessary to ensure that Takāful is practiced as relationship plus duty, not merely as transactions. Therefore, the information and data pathway for waqf and its projects is the most important and first pathway.
To protect human beings’ dignity and ensure their basic needs in the digital age, Dr. Ammar recommended that ministries and waqf funds should digitize records and regulate AI by establishing a “minimal constitution” for AI mediated Takāful consisting of five principles: dignity by design, hybrid access, human review, data minimization, auditability and public disclosure, under the maqāṣid framework of justice, mercy, welfare, and wisdom.
Dr. Ammar Khashan giving his presentation
To protect human beings’ dignity and ensure their basic needs in the digital age, Dr. Ammar recommended that ministries and waqf funds should digitize records and regulate AI by establishing a “minimal constitution” for AI mediated Takāful consisting of five principles: dignity by design, hybrid access, human review, data minimization, auditability and public disclosure, under the maqāṣid framework of justice, mercy, welfare, and wisdom.