Challenges and Prospects of Cash Waqf Development in Malaysia

Che Zuina Ismail · Syafini Binti Muda · Nor Jawanees · Mohd Hanafiah Ahmad

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Islamic Finance and Banking Studies Religion, Society, and Development Linguistic, Cultural, and Literary Studies

Abstract

The manifestation of both efficient waqf system and competitive waqf products in the Islamic non-banking financial institutions (NBFIs) has enabled efficient and equitable distribution of wealth to the Muslim communities. It is one of the most effective instruments for promoting and enhancing the economic, educational, religious and social developments of the Muslim communities whilst sustaining their faith and spiritual strength to face the current challenges. This paper aims to explain the concept, role and prospect of cash waqf pertaining to the contemporary law and our country’s economic scenario. Besides, it is also the aim of the paper to discuss the development of cash endowment based on the country’s current and long term strategic plans. This qualitative study examines data obtained from library research, interviews, close observations of cases and practices in order to come up with a complete account of the waqf development agenda in Malaysia. In short, this study offers specialized and rich knowledge of cash waqf development in Malaysia which could help to accelerate and transform the Muslims’ minds into having an optimistic and positive perception towards the role of waqf as a mechanism to dynamically generate income, extensively increase the waqf revenue and confidently ensure equitable distribution of the wealth among the Muslim communities.

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References

2000A History of Philanthropic Foundations: The Islamic World From the Seventh Century to the Present 1998AWQAF IN HISTORY AND ITS IMPLICATIONS FOR MODERN ISLAMIC ECONOMIES 1994State, society, and law in Islam: Ottoman law in comparative perspective 2003Poverty and Charity in Medieval Islam: Mamluk Egypt, 1250-1517 2004The logic of financial westernization in the Middle East 2007Ibn Khaldun's theory of development: Does it help explain the low performance of the present-day Muslim world?1994An Introduction to Islamic Economics 2014Waqf in Central Asia: Four Hundred Years in the History of a Muslim Shrine, 1480-1889

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