Corporate waqf: Discovering the primary challenges

Haslinda Yusoff Haslinda Yusoff,Muhammad Iqmal Hisham Kamaruddin Muhammad Iqmal Hisham Kamaruddin,Nurul Aini Muhamed Nurul Aini Muhamed,Faizah Darus Faizah Darus

doi:10.33102/jmifr.v18i2.373

Haslinda Yusoff Haslinda Yusoff, Muhammad Iqmal Hisham Kamaruddin Muhammad Iqmal Hisham Kamaruddin + Show 2 more

Open Access

https://doi.org/10.33102/jmifr.v18i2.373

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Abstract

This study aims to explore and understand the key challenges of corporate waqf management and its implementation, particularly in Malaysia. This study adopted a qualitative approach. Specifically, data obtained from three interviews that involved an academician, a Shariah scholar and a business practitioner have been examined thoroughly. Generally, this study discovers three primary challenges pertaining to corporate waqf and its possible implementation. Legal constraint based on current regulatory settings of waqf management, narrow mindset of key stakeholders and lack of awareness and understanding amongst the general public are the core reasons that impede the successful acceptance and implementation of corporate waqf. This study is expected to contribute to the improvement of the waqf management. It provides an initial understanding about the primary issues that would be confronted when implementing corporate waqf. Thus, it puts forward several insights about the future strategies for positioning corporate waqf into practice.

Highlights

Abū Huraira reported that the Holy Prophet [peace be upon him (PBUH)] said, “when a man dies, all his acts come to an end, but three; recurring charity, or knowledge, or a pious offspring who prays for him” (Sahih Muslim 1631).The concept of Tawhid provides the fundamentals of the relationships between Man and God, Man and Man, and Man and other living things on earth
Generally, this study has found three important challenges of corporate waqf management and practice in Malaysia based on the inputs gathered through the interviews
Legal constraint based on current regulatory settings of waqf management, narrow mindset of key stakeholders and lack of awareness and understanding amongst the general public are found to be the core reasons that impede the successful implementation of corporate waqf, in Malaysia

Summary

Introduction

The concept of Tawhid provides the fundamentals of the relationships between Man and God, Man and Man, and Man and other living things on earth This concept advocates the acceptance that God is the ultimate owner of everything on earth and in the universe; human beings are accountable to God (Mohamed Zain et al, 2014). Waqf is a form of charity between human beings that encompasses special elements of permanence and continuity. It is one of the ways for a khalifah to achieve a benevolent act – spreading the value of kindness, generosity and love, – a journey of life from self-centered thoughts and behavior to caring about others rather than self-preservation (Siswantoro et al, 2018)

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