Title: Corporate Waqf: a sustainable model of Islamic wealth creation and distribution

Authors: Faizah Darus; Haslinda Yusoff; Mustaffa Mohamed Zain; Aliza Ramli

Addresses: Faculty of Accountancy, Universiti Teknologi MARA, 42300, Malaysia ' Faculty of Accountancy, Universiti Teknologi MARA, 42300, Malaysia ' Faculty of Accountancy, Universiti Teknologi MARA, 42300, Malaysia ' Faculty of Accountancy, Universiti Teknologi MARA, 42300, Malaysia

Abstract: The aim of this study is to explore an enhanced corporate waqf model to be used by organisations so that they can address and help solve social issues, and create wealth for the ummah, specifically in Malaysia. A Tawhidic concept premised on the Quran and Sunnah was used to underpin the development of the proposed corporate waqf model. Content analyses of existing academic literature on Waqf, followed by preliminary semi-structured interviews on groups of Chief Executive Officers, SIRC officers, Islamic Scholars and Academics, were conducted. The key challenges faced by waqf organisations are as follows: i) the development of waqf properties is not economical; and ii) the current waqf model does not support the wealth creation, wealth enhancement and wealth distribution to the ummah. These weaknesses have motivated this study to propose a new corporate waqf model; one that encompasses an enhanced governance structure and management setting. This new model treats waqf as an effective mechanism that can strengthen the economic growth of Malaysia.

Keywords: waqf; wealth distribution; Tawhidic; Maqasid Shariah; Maslahah; sustainability.

DOI: 10.1504/IJEBR.2021.10038341

International Journal of Economics and Business Research, 2021 Vol.22 No.4, pp.357 - 368

Received: 04 Oct 2019
Accepted: 22 May 2020

Published online: 25 Oct 2021 *

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