Sustaining the means of sustainability: the need for accepting wakaf (Waqf) assets in Malaysian property market

Abstract

The socio-economic equity and justice in terms of education, employment, shelter, health care, safety and more, for all, now and then form the spirit of sustainability. No historical event can represent this but the private Muslim charitable perpetuities (i.e. wakaf/waqf). wakaf is the means of human sustainability which needs to be self-reliant. To be independent and self-reliant, the wakaf institution needs to keep its assets income-generating. Unfortunately, in Malaysia thousands of acres of waqf lands and properties are idle, underdeveloped, or underperforming, due to their unequal treatment by law and market forces, in the property market. To overcome this problem, access to land market and access to credit market is needed. Since the present legal constraints prevent from such markets, this paper proposes a framework for the marketability of waqf properties, as permitted by Islamic law and is achievable through the reformed concepts of Malaysian Land Administration System and its components. Thus, for the recognition by market forces, two types of markets, based on fair market price and rental rates, are visualized: (a) sale and purchase market for properties held as investment assets and that purchased through the income of the capital of waqf; (b) leasing market, whereby long term leases, equivalent to that of leasehold alienation, will be effected. To implement these proposals, few amendments to some of existing laws are offered.

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