Challenges and prospects in <i>waqf</i> reporting practices in Malaysia

Kamaruddin, Muhammad Iqmal Hisham; Hanefah, Mustafa Mohd; Masruki, Rosnia

doi:10.1108/jfra-01-2022-0018

Cited by 15 publications

(19 citation statements)

References 31 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In the act, the power for land acquisition is located under Section 3 (1) (a), (b) and (c). The section states that the PBN may take any land required (Kamaruddin et al , 2018): for any public purpose; by any person or corporation for any purpose which to the PBN is beneficial to the economic development of Malaysia, or any part thereof, or the general public or any class of the public; or for mining purposes or for residential, agricultural, commercial, industrial or recreational purposes, or any combination of such purposes. …”

Section: Discussionmentioning

confidence: 99%

“…It is one of the property management institutions that contributes a lot to the society’s welfare and social well-being, especially involving Muslims. Among the contributions resulting from waqf mechanisms in Islamic history are the development of mosques, cemeteries, welfare homes, health institutions and educational institutions, such as schools, madrasahs and libraries (Kamaruddin et al , 2018). Nowadays, many changes have taken place in waqf affairs with a special institution being created with its own budget to manage waqf property in every Muslim country, in general (Shaikh et al , 2017).…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Analysis of issues and solutions on the implementation of istibdal waqf property in states of Peninsular Malaysia

Noor

Asni

Rani

et al. 2023

QRFM

View full text Add to dashboard Cite

Purpose This paper aims to analyse the implementation of istibdal waqf property in several states of Peninsular Malaysia. To achieve this objective, this study identified the amount of waqf property ‘am (general) and waqf property khas (special) which were involved in the process of istibdal in each state, the factors that have caused the istibdal to be implemented, the rate of istibdal involved for each lot of waqf lands and the type of property replacement performed. Design/methodology/approach This study used the qualitative method, whereby the researchers had collected secondary data consisting of documents related to waqf from the State Islamic Religious Council (MAIN). The type of documents obtained were public records. The data collected were analysed using the content analysis techniques. Findings The results showed that there are several factors involved in the implementation of istibdal, namely, the acquisition of waqf land by the State Authority, applications by external parties for a particular interest and the initiatives taken by the MAIN on waqf property which is problematic and uneconomical to generate waqf fund. This study also found some Shariah and management issues, which were identified in the implementations of istibdal, whereas some cases of istibdal were only carried out on a small part of the waqf lands and there were also cases of the implementation of istibdal which have not been replaced with fixed assets as authorised by the istibdal parameter. This study suggests some improvements to the issues identified in the implementation of istibdal for waqf managers in Malaysia. Research limitations/implications The limitation of this study is that it analyses only the documents that record the implementation of istibdal in the states managed by MAIN. Thus, the analysis performed was limited to the documents obtained without involving empirical data. Practical implications This study suggests some improvements to the implementation of istibdal waqf in the states studied. Therefore, these recommendations can be used by waqf property managers to improve the process of implementing waqf property istibdal so that it can be used to its maximum potential. Social implications If the recommendations in this study can be implemented, the Muslim community will benefit greatly from the waqf property because it is being developed through the method of istibdal. This impact can increase the confidence of the Muslim community towards MAIN in managing waqf property and encouraging the Muslim community to contribute to waqf property for the welfare of the ummah. Originality/value This study involved data on a larger waqf istibdal implementations that involved several states in Peninsular Malaysia, which to the best of the authors’ knowledge, the analysis involving such large research data have not been implemented before.

show abstract

Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Analysis of issues and solutions on the implementation of istibdal waqf property in states of Peninsular Malaysia

Noor

Asni

Rani

et al. 2023

QRFM

View full text Add to dashboard Cite

show abstract

“…The productive waqf movement of the JCorp model inspired the Selangor Islamic Religious Council (MAIN Selangor) and Bank Muamalat Malaysia Berhad (BMMB) to create a collaborative program for developing cash waqf funds called Muamalat Selangor Waqf. MAIN Selangor also introduced a waqf share scheme (Kamaruddin et al, 2022;Ramli & Jalil, 2013a;Razak, 2019). Meanwhile, contemporary waqf best practices in Turkey and Singapore were developed by Koc Holdings and Wares.…”

Section: Concept Of Corporate Waqfmentioning

confidence: 99%

Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia

Huda

Santoso²

2022

Acad. J. Interdiscip. Stud.

View full text Add to dashboard Cite

The development of corporate waqf in Indonesia is relevant in creating an alternative model for the sustainability of waqf benefits and contributing to the national economic growth. This study aims to explore the implementation of Corporate Waqf Core Principles (CWCP), a set of sharia principles for corporate waqf implemented in the growth of waqf in Indonesia. This study uses qualitative research with a specific focus on comparative analysis of the advantages of waqf management at two different institutions that develop corporate waqf, Waqf Board Foundation of Universitas Islam Indonesia (YBW UII) Yogyakarta and Pesantren Tebuireng in Jombang. YBW UII Yogyakarta has developed productive waqf assets and immovable objects through professional and profitable multi-company institutions, ensuring that the waqf’s results expand and the benefits fly. Pesantren Tebuireng, on the other hand, understands the implementation of CWCP in the framework of productive waqf administration and management by conceptualizing the productivity of waqf assets through corporate and institutional management. The two models of waqf management methods ensure that waqf management within the corporate institutional framework is more productive and produces long-term outcomes and benefits. However, there are certain deviations in the implementation of the CWCP which has not used shares as waqf assets. The development of this waqf model in Indonesia can accelerate community economic development. Received: 6 June 2022 / Accepted: 20 August 2022 / Published: 2 September 2022

show abstract

“…Even though the British Common Law does not recognise waqf as an estate planning and socio-economic planning, it is completely different from the Islamic perspective. There are also some similarities between the concept of trust and waqf such as there is no limit to giving, the implementation during the lifetime or after the demise, not inherited and can generate the economy of Muslims (Robert Whitman, 1999; Jeffrey and Alan Newman, 2005; Van Tuyll, 2006; Harvey, 2011; Sharp, 2017; Kamaruddin et al , 2022; Ascarya et al , 2022).…”

Section: Introductionmentioning

confidence: 99%

Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

Abdullah

Awang

Zakaria

2023

JIABR

View full text Add to dashboard Cite

Purpose This study aims to analyse the mechanism of trust instrument from a Shariah point of view. Analysis of the mechanism would determine the extent to which its implementation can resolve estate planning issues such as frozen estate and the issue of naming beneficiaries under the age of 18. Design/methodology/approach This is a qualitative study method through library research. To explore the mechanism of trust instrument, an in-depth interview with five participants using purposive sampling and analyses of documents were used. The selection of this sample allows the researcher to obtain specific data in their field of expertise. Therefore, two officers from the Trust Administration Department of Amanah Raya Berhad (ARB) and three Shariah advisors from ARB (MPS ARB) were interviewed to find out the mechanism of trust instrument from the Shariah perspective. The researcher also referred to the trust deed documents, ARB company policies, field case studies such nomination cases and trust accounts, articles and court cases. Findings The trust instrument meets Shariah requirements even though it is based entirely on the Civil Law. The comprehensive and flexible features of trust deeds can help donors to plan systematically during their lifetime. Research limitations/implications This study only focuses on the trust instruments that are currently being implemented in the ARB. Five trust products were analysed to achieve the objectives of the study, namely, the Normal Trust, Safecare and Safecare Premium, Takaful Care, Hibah (literally “gift”) as well as Trust and Declaration of Hibah. Practical implications The implementation of trust instrument at an early stage can ensure the property is well managed through a trust deed, guarantee the life of the beloved heirs after the death of the donor and prevent the property from being frozen. Originality/value This study comprehensively describes the trust instrument from the Shariah perspective and its implementation mechanism in the industry.

show abstract

Challenges and prospects in waqf reporting practices in Malaysia

Cited by 15 publications

References 31 publications

Analysis of issues and solutions on the implementation of istibdal waqf property in states of Peninsular Malaysia

Analysis of issues and solutions on the implementation of istibdal waqf property in states of Peninsular Malaysia

Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia

Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia

Contact Info

Product

Resources

About