Publication:
Tawar al-hawkamat wa-itar al 'amal al-qanuni wal muasasatilil waqf bi Maliziya
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Date
2022
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Abstract
Awqaf properties in Malaysia have evolved over the years from being in the nature of consumptive immoveable properties used for religious purposes like madrasahs and mosques into productive and mixed-use type real estate properties like hotels, office buildings and commercial type properties. The regulatory and legal frameworks have played a vital role in the evolution of waqf sector and its management through the State of Islamic Religious Councils (SIRCs), the Department of Waqf and Hajj (JAWHAR) and Yayasan Waqaf Malaysia (YWM). In fact, waqf in Malaysia operates under three separate laws, namely: Islamic Law, Federal Territory Act or State Enactments relating to administration of the Islamic Law, State Waqf Enactments. In addition, the 2007 national fatwa permitting cash waqf in Malaysia brought about diversification of awqaf properties through the introduction of several cash waqf schemes by local banks, federal agencies as well as State Islamic Religious Councils (SIRC). Further developments were seen with the development of the concept of "corporate waqf" and waqf shares as well as innovative awqaf products in the takaful sector and the Islamic capital market. Another significant development occurred in 2015 with the introduction of the Labuan International Waqf Foundation (LIWF) by the Labuan International Business and Financial Centre (LIBFC). Through qualitative research and content analysis, this paper traces these developments in Malaysia through the lenses of governance, reformation and transformation. The research also adopts the analytical method to evaluate the viability of waqf in the Malaysian context. Some of the issues that will be touched on are whether the regulatory framework for waqf in Malaysia has moved in tandem with these developments, innovative use of waqf for financial inclusion, as well as the online platforms to collect waqf funds.
Keywords
Waqf , Governance , Reformation , Transformation , Cash waqf , Malaysia
Citation
Djafri, F., Laldin, M. A., & Syed Abdul Kader, S. Z. (2022). Tawar al-hawkamat wa-itar al 'amal al-qanuni wal muasasatilil waqf bi Maliziya. Sultan Qaboos University Legal Studies Journal, 1(1), 3-30.
Publisher
Sultan Qaboos University