Year
2018
Country
Qatar
Language
English
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, mosques and cemeteries into productive and mixed-use type real estate properties like hotels, office buildings and commercial type properties. 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 banking, 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. It critically analyses factors such as history, politics, law and the economy on awqaf development. 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, the intersection between waqf and the law of trust, if any, as well as leveraging technology for greater efficiency and transparency. The paper concludes with some recommendations for better governance, reformation and transformation of awqaf properties in Malaysia. |
English
City
Doha, Qatar
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Conference
CIS Program Old
CIS publications
No
CIS Thesis
No