ISSN: 2222-6990
Open access
This paper aims to critically review the literature with respect to the meaning of cash waqf that reflects the formation of waqf structure and mechanism. Focusing on selected Shariah resolutions, the review intends to examine the juristic reasoning of such resolutions in identifying the discrepancy and addressing any possible gap. The outcome of the paper aims to foster a greater number of future research towards sustainable development of cash waqf. For this review, a range of documents have been collated and analysed to capsulize the essence of the scoping matter including the selected Shariah resolutions and standards. As such, the paper inclines to the fundamental analysis approach whereby the data will be comparatively reviewed for establishing a critical evaluation and outcome. The review indicates three connotations of the term used: (i) Cash or money as waqf asset – henceforth, the utilization may attract Shariah concern; (ii) Cash as waqf asset which then be converted into tangible asset – aside the usage of term istibdal by some for this conversion, the usufruct of the asset will be benefitted for waqf purposes. Thereby, the Shariah rules of waqf contract and istibdal is a concern accompanying the maqsid (objective) of such contract; (iii) Cash is gathered from more than a party via syndicated contribution or crowdfunding, to acquire the waqf asset – despite the used term, cash is not construed as waqf asset. Apart from the aforementioned interpretation, the term might be outlandishly used to indicate the donated money, which is accurately meant for sadaqah.
Ab Shatar, W. N., Hanaysha, J. R., & Tahir, P. R. (2021). Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives. ISRA International Journal of Islamic Finance.
Accounting and Auditing Organization for Islamic Financial Institution-AAOIFI. (2015), Shari’a Standards, AAOIFI, Bahrain.
Accounting and Auditing Organization for Islamic Financial Institution-AAOIFI. (2017), al-Ma’ayir al-Shar’iyyah, AAOIFI, Bahrain.
Accounting and Auditing Organization for Islamic Financial Institution-AAOIFI. (2019), al-Ma’ayir al-Shar’iyyah, AAOIFI, Bahrain.
Ahmad, M. (2015), “Cash Waqf: Historical Evolution, Nature and Role as an Alternative to Riba-Based Financing for the Grass Root”, Journal of Islamic Finance, Vol. 4 No. 1, pp 63–74.
Ahmad, M. (2015). Cash waqf: historical evolution, nature and role as an alternative to riba-based financing for the grass root. Journal of Islamic Finance, 176(3160), 1-12.
Ahyani, H., Muharir & Mahfud, M. (2021). Sharia’s Economic Law Perspective About Cash Waqf in The Era of The Industrial Revolution Four Points Zero. Al-Mawarid Jurnal Syari’ah & Hukum, 3(1), 21-34.
Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary issues on cash waqf: A review of the literature. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 119-144.
Aldeen, K. N., Ratih, I. S., & Pertiwi, R. S. (2021). Cash waqf from the millennials' perspective: a case of Indonesia. ISRA International Journal of Islamic Finance.
Al-Harethi, A. R. S. (2019). Factors determine cash waqf participation in Kedah, Malaysia: Perception from students in Kolej University Insaniah. Jurnal Ekonomi Dan Bisnis Islam, 4(1), 53-59.
Ali, N. A., & Markom, R. (2020). The challenges in implementing cash waqf in Malaysia. Journal of Contempory Islamic Studies, 6(2).
Asni, F. A. H. M., & Sulong, J. (2017). Wakaf tunai dan aplikasinya dalam undang-undang di negara ASEAN: Cash waqf and its application in ASEAN Countries’ Laws. Jurnal Syariah, 25(2), 217-246.
Azrak, T. (2022). The Roles of Cash Waqf in Improving the Economic Welfare: Case Study of Turkey. The Journal of Management Theory and Practice (JMTP), 3(1), 42-47.
Dennis, D., Qoyum, A., & Sakti, M. P. (2018). Determinant of Cash Waqf Nahdatul Ulama (Case of Muslim Students in Indonesia). Madania: Jurnal Kajian Keislaman, 22(1), 19-32.
Haidlir, B. M., Laksmono, B. S., Kasri, R. A., Azizon, A., & Hartono, D. (2021). Public Behaviour on Cash Waqf: Evidence from Indonesia. JEJAK: Jurnal Ekonomi dan Kebijakan, 14(2), 316-332.
Hassan, M. K., Shaikh, S. A., & Kayhan, S. (2020). Introduction to Islamic Banking and Finance: An Economic Analysis. World Scientific.
Jabatan Kemajuan Islam Malaysia. (2016). Penggunaan Wang Wakaf Tunai bagi Projek Wakaf Bot, e-Sumber Maklumat Fatwa (e-SMAF), available at: http://e-smaf.islam.gov.my/e-smaf/index.php/main/mainv1/fatwa/pr/15680 (accessed on 20 Jult 2022).
Jabatan Kemajuan Islam Malaysia. (2007). Pelaksanaan Wakaf Skim Tunai Terengganu, e-Sumber Maklumat Fatwa (e-SMAF), available at: http://e-smaf.islam.gov.my/e-smaf/index.php/main/mainv1/fatwa/pr/11592 (accessed on 20 Jult 2022).
Jabatan Mufti Negeri Kelantan. (2013). Fatwa Mengenai Wakaf Tunai, available at: http://muftikelantan.gov.my/index.php/component/content/article/fatwa-mengenai-wakaf-tunai?catid=9&Itemid=101 (accessed on 20 Jult 2022).
Jabatan Mufti Negeri Selangor. (2017). Wakaf Tunai Sebagai Wakaf. available at https://www.muftiselangor.gov.my/fatwa-personalisation/fatwa-tahunan/keputusan-fatwa-xwarta/2016/690-wakaf-tunai-sebagai-wakaf (accessed on 20 July 2022).
Jabatan Mufti Negeri Selangor. (2014). Hukum Menggunakan Dana Wakaf Tunai Wakaf Selangor Muamalat Bagi Membiayai Kos Operasi Dan Kos Penyelengaraan Aset Wakaf, available at https://www.muftiselangor.gov.my/awam/fatwa/fatwa-terkini/373-hukum-menggunakan-dana-wakaf-tunai-wakaf-selangor-muamalat-bagi-membiayai-kos-operasi-dan-kos-penyelengaraan-aset-wakaf (accessed on 20 July 2022).
Jabatan Mufti Negeri Selangor. (2013). Dasar Agihan Manfaat Sewaan.
Jabatan Mufti Negeri Selangor. (2008). Hukum Penggunaan Wang Saham Wakaf, Majlis Agama Islam Selangor, available at https://www.muftiselangor.gov.my/fatwa-personalisation/fatwa-tahunan/keputusan-fatwa-xwarta/2006/782-hukum-penggunaan-wang-saham-wakaf-majlis-agama-islam-selangor (accessed on 20 July 2022).
Jabatan Mufti Negeri Selangor. (2006). Fatwa Penggunaan Wang Skim Saham Wakaf Selangor dan Wang Manfaat Wakaf Selangor, available at
https://www.muftiselangor.gov.my/fatwa-personalisation/fatwa-tahunan/keputusan-fatwa-xwarta/2006/727-fatwa-penggunaan-wang-skim-saham-wakaf-selangor-dan-wang-manfaat-wakaf-selangor (accessed on 20 July 2022).
Jabatan Mufti Pulau Pinang. (2019), Himpunan Hukum Wakaf, available at: https://mufti.penang.gov.my/index.php/en/2014-11-12-02-48-39/penerbitan/buku/454-himpunan-hukum-wakaf?path=penerbitan/buku (accessed on 20 July 2022).
Jabatan Mufti Negeri Selangor. (2013). Pandangan hukum syara’: pelaburan saham dengan menggunakan dana wakaf tunai (No. 3).
Khamis, S. R., & Salleh, M. C. M. (2018). Study on the efficiency of cash waqf management in Malaysia. Journal of Islamic Monetary Economics and Finance, 4(1), 61-84.
Majelis Ulama Indonesia-MUI. (2002), “Wakaf Uang”, available at https://mui.or.id/wp-content/uploads/files/fatwa/29.-Wakaf-Uang.pdf (accessed on 20 July 2022).
Majlis Agama Islam Negeri Kedah. (2009), Wakaf Tunai,
https://maik.kedah.gov.my/index.php/wakaf-tunai/ (accessed on 20 July 2022).
Mohsin, M. I. A. (2013). Financing through cash-waqf: a revitalization to finance different needs. International journal of Islamic and Middle Eastern finance and management, 6(4), 304-321.
Mokhtar, F. M., Sidin, E. M., & Razak, D. A. (2015). Operation of cash waqf in Malaysia and its limitations. Journal of Islamic Economics, Banking and Finance, 11(4), 100-114.
Nasiri, A., Noori, A., & Salleh, M. C. M. (2019). Acceptance and practices of cash Waqf among university’s students. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(3), 38-48.
Rafiqi, Y. (2018). The Problem of Perpetuity in Cash Waqf. International Journal of Nusantara Islam, 6(1), 10-19.
Rahmalan, M. T., & Hussin, M. F. A. (2021). A Systematic Review of Contemporary and Innovative Waqf Sources: Cash and Service Waqf. Jurnal Syariah, 29(2), 257-284.
Ramli, A. M. (2019). Inovasi Model Wakaf Tunai di Malysia Berlandaskan kepada Garis Panduan Fatwa. Jurnal Pengurusan dan Penyelidikan Fatwa Malaysia, 18(2).
Rusydiana, A. S., Hidayat, Y., Widiastuti, T., & Rahayu, S. S. (2021). Cash Waqf for Developing Islamic Economy: Case Study in Indonesia. Al-Uqud: Journal of Islamic Economics, 5(1), 43-59.
Tanjung, H., & Windiarto, A. (2021). Role of Cash Waqf Linked Sukuk in Economic Development and International Trade. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 275-290.
Wahid, H., & Ismail, N. A. (2021). Penerimaan Masyarakat Islam terhadap Wakaf Tunai Pendidikan: Kajian dalam Kalangan Kakitangan Majlis Amanah Rakyat (MARA). Journal of Management and Muamalah, 11(2), 1-14.
Al-Islamiyyah, W. Al-A. W. Al-S. (2006). Al-Mawsucah al-Fiqhiyyah al-Kuwaytiyyah. Kuwait: Dar al-Salasil 2nd Edition, Vol 24-38; Egypt: D?r al-Safwah 1st Edition, Vol 39-45.
Zakaria, M. S., & Muda, M. Z. (2017). Sorotan literatur pelaksanaan wakaf tunai di Malaysia. Islamiyyat, 39(1), 39-46.
In-Text Citation: (Ghazali & Mamat, 2023)
To Cite this Article: Ghazali, N. M., & Mamat, N. (2023). Discrepancy of Cash Waqf Meaning: A Critical Review with Special Focus on Selected Shariah Resolutions. International Journal of Academic Research in Business and Social Sciences, 13(7), 19 – 38.
Copyright: © 2023 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode