الادخار المؤسسي واستثماره من قبل صندوق الحج الماليزي وإمكانية تطبيقه في إقليم كوردستان العراق : دراسة استكشافية

Abstract

This study examines the experience of the Malaysian Hajj Fund (Tabung Haji) in the fields of institutional savings and investment, and analyses the extent to which this model can be adapted to the Kurdistan Region of Iraq. The research problem arises from the stagnation of individual savings and their limited integration into effective institutional frameworks that can support financial development and alleviate the economic burden associated with performing the Hajj. The study aims to examine the legal and regulatory framework governing the Malaysian Hajj Fund, and to analyse the Shariah-compliant contracts and financial instruments employed to support savings and investment activities. It further explores the current state of institutional savings in the Kurdistan Region of Iraq and the challenges hindering their development, while assessing the feasibility of adapting the Malaysian experience in a manner consistent with the region’s economic, legal, and institutional context. The theoretical framework of the study is grounded in the Maqasid al-Shariʿah (Objectives of Islamic Law), serving as a normative foundation for regulating the purposes of savings and investment within a Shariah-compliant framework, alongside governance theory, which provides a basis for effective institutional management, accountability, and oversight. Methodologically, the study adopts an inductive approach to examine and synthesise relevant data and sources, an analytical approach to evaluate the operational structure of the Malaysian Hajj Fund, and field research to assess the applicability of the Malaysian model in the Kurdistan Region of Iraq. The findings indicate that the Malaysian Hajj Fund operates within a robust legal, institutional, and operational framework that can serve as a valuable reference for similar initiatives. Shariah-compliant contracts, particularly wakalah bi al-istithmar (investment agency) and sukuk (Islamic bonds), play a central role in achieving legitimate and sustainable savings and investment objectives. The study also highlights the urgent need for effective institutional savings mechanisms in the Kurdistan Region, thereby reinforcing the rationale for establishing a comparable fund. The research concludes that adapting the Malaysian model in the Kurdistan Region is feasible, provided that appropriate legal, institutional, and governance adjustments are undertaken. Accordingly, the study proposes a practical and context-sensitive framework for establishing a Hajj savings and investment fund tailored to the realities of the region. This research contributes to the existing literature by offering an innovative and applicable institutional model for Hajj savings and investment, grounded in a pioneering experience and firmly aligned with Shariah objectives. The study recommends that the Ministry of Endowments and Religious Affairs initiate concrete institutional steps to operationalise the proposed framework and benefit from the findings of this research.