Utilization and Governance of Waqf Property

Abstract

Waqf is one of the benevolence charities that are highly encourage in Islam. Through the donated waqf property, the benefit will provide to all of the beneficiaries directly or indirectly. Thus, all waqf property should be managed and administered efficiently. A good and effective institutional mutawalli is capable not only to develop but also to utilize the property. However, most institutional mutawalli facing challenges in their governance practices; hence, these properties are not being utilized to achieve their full impact to other beneficiaries. Therefore, the aim of this chapter is to analyse the current utilization of waqf property and to explore the governance practices based on experience of corporation institution as an institutional mutawalli (IM). A qualitative method applied in this study where formal and semi-structured interview conducted where the participants are those in leadership positions such as CEO and the top management of the chosen institutional mutawalli. This study has chosen Waqaf A-Nur Corporations Berhad (WANCorp) as a case study. The finding from this study discussed in detail the practice and experience of the waqf institution in utilization and governance their waqf properties. This study identifies the crucial characteristic in the waqf property which needs to possess in utilizing and governing the waqf property. The finding also could benefit the similar and different institutional mutawalli and policy makers to identify the important interdependent characteristics to help them attain growth performance.