STUDY ON THE EFFICIENCY OF CASH WAQF MANAGEMENT IN MALAYSIA

Siti Razifah Khamis · Marhanum Che Mohd Salleh

47 citations0/0 files storedJournal of Islamic Monetary Economics and Finance

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Islamic Finance and Banking Studies Qur’anic Interpretation Studies Religion, Society, and Development

Abstract

The role of Waqf is synonym with the purpose of developing the economics as well as social well-being by means of a charity-based system. Revitalization of cash Waqf gives advantage to Muslims countries to further enhance this charity system. However, the efficiency of cash Waqf management is still questionable due to several internal management issues. This research is conducted to explore current practices of Waqf institutions in managing cash Waqf concerning human resource, documentation and reporting aspect; to investigate challenges faced by Waqf institutions in managing cash Waqf in terms of human resource, documentation and reporting aspects; and to suggest a few ways that can enhance the efficiency of cash Waqf management focusing in the three aspects. To achieve these objectives, qualitative methodology has been adopted where the data of this research was collected through semi-structured interview and review of past literatures as well as relevant documents. The finding of the research shows that majority of Waqf institutions have made efforts in promoting cash Waqf based on its regulation, financial sources, collaboration, duration of cash Waqf implementation and its strategic planning. However, the current practices of human resource, documentation and reporting are not suitable with the current pace of evolution to fully realize the benefit of cash Waqf. This research revealed the loopholes in the management of cash Waqf and suggested several ways for improvement as a reference for Waqf institutions in order to improve their cash Waqf implementation. It is a significant endeavor for Waqf institutions in Malaysia to develop knowledge on cash Waqf management as well as provoking speedy development progress of cash Waqf implementation in Malaysia.

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References

1999Learning to Compete in a Transition Economy: Experience, Environment, and Performance 2013Financing through cash-waqf: a revitalization to finance different needs 1999Financing the Development of Awqaf Property 2011Economics of Cash WAQF management in Malaysia: A proposed Cash WAQF model for practitioners and future researchers 2013The development of Waqf accounting in enhancing accountability 2014The Role Of Cash Waqf In Poverty Alleviation: Case Of Malaysia 2005A Dynamic Model for Cash Waqf Management as One of The Alternative Instruments for The Poverty Alleviation in Indonesia 2012An empirical investigation into the accounting, accountability and effectiveness of WAQF management in the State Islamic Religious Councils (SIRCs) in Malaysia

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2020Intellectual capital in non-profit organisations: lessons learnt for waqf institutions 2022ADDRESSING ACCOUNTABILITY AND TRANSPARENCY CHALLENGES IN WAQF MANAGEMENT USING BLOCKCHAIN TECHNOLOGY 2023Waqf and sustainable development law: models of waqf institutions in the Kingdom of Saudi Arabia and Indonesia 2019THE IMPLEMENTATION AND DEVELOPMENT OF PRODUCTIVE WAQF IN INDONESIA: CASE AT MALANG ISLAMIC HOSPITAL

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