Analysis of corporate waqf model in Malaysia: An instrument towards muslim's economic development

• Published in: International Journal of Applied Business and Economic Research
• Main Author: Ibrahim S.S.B.; Noor A.H.B.M.; Shariff S.B.M.; Rusli N.A.B.M.
• Format: Article
• Language: English
• Published: Serials Publications 2016
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-84979499921&partnerID=40&md5=ee2b75ef64cd8632332451fecaa76875

The permanent nature of waqf results in the accumulation of waqf properties that are devoted to provide capital asset that produce a flow of revenues to serve its objectives. In Malaysia, tremendous potential waqf property (land) is available that could generate a steady stream of income and contribute to the development of Muslim's economy if it has been managed and invested properly. However, most of that are not given proper attention, resulting in a vast amount of these properties do not yield their greatest benefits to the economy and society. One of the major reasons highlighted by most of State Islamic Religious Councils (SIRCs) in Malaysia was due to insufficient fund and professional to develop those properties. Responding to this issue, corporate waqf model is seen to be the best instrument to develop waqf properties in Malaysia. Thus the study is attempts to discuss on the establishment of corporate waqf model in the in Malaysia which looking at three (3) particular states which are: Federal Territory, Selangor and Johor. The study is using a content analysis method where the selected established model will be analyzed and a comparative analysis also took place in the research method. Then the finding from an analysis also concludes that all established corporate waqf model in Malaysia shown a positive impact towards the development of economy and society however there is still a few elements to be improved which includes the concept, structure, outcome and output from the project developmental process in order to ensure the corporate waqf model will positively contribute to the economy and society.