Journal Screenshot

International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Transformation of Waqf Asset Development Financing in Malaysia Through Diversified Direct Financing Methods

Sakinatul Raadiyah Abdullah, Noor Hidayah Kasim, Md Saufi Abdul Hamid, Ahmad Yumni Abu Bakar, Farahdina Fazial, Muhammad Haris Riyaldi

http://dx.doi.org/10.6007/IJARBSS/v14-i5/21625

Open access

In recent years, the revitalization of waqf institutions has become an agenda within the global Muslim community, including in Malaysia. Waqf is seen to strengthen the economy during the current pandemic phase. The diversification of financing methods for waqf asset development has become a rapidly implemented transformation, capturing the attention and focus of trustees in pursuing the best financing approaches. Among the potential financing methods is direct financing. The question is, how is this direct financing method implemented in Malaysia? In line with this, this study's objective is to identify the types of direct financing methods in waqf land development. Secondly, to analyze the implementation of this direct financing method in waqf asset development in Malaysia. Data were obtained through semi-structured interviews with waqf officials and practitioners and through secondary data such as writings, journals, articles, and websites of the studied organizations. Content analysis was employed for the analysis. Ultimately, direct financing methods in waqf asset development are gaining momentum today, involving cash waqf methods that encompass various transformations. The transformation in implementing this method has aided in fundraising for waqf asset development, particularly about waqf land, thereby ensuring its productive development and safeguarding the sustainability of waqf asset benefits in Malaysia, specifically.

Abd Latiff, A. Z. H., Ismail, C. Z., & Daud, N. M. (2006). Pengurusan harta wakaf dan potensinya ke arah kemajuan pendidikan umat Islam di Malaysia. Kertas Kerja Konvensyen Wakaf.
Abdullah, S. R., Fazial, F., Hassan, S. H. M., Yahaya, S., & Hamid, C. K. (2021). Potensi pembiayaan pembangunan harta wakaf di malaysia melalui kaedah pembiayaan secara langsung. Proceedings of the 2nd Kedah International Zakat Conference 2021 (i-KEIZAC 2021), 494-502.
Abdullah, S. R., Hassan, M. S. H., Akhir, M. N. S., & Yahaya, S. (2023). Implementation of the Blue Ocean Strategy in Waqf Development in Malaysia. Environment-Behaviour Proceedings Journal, 8(SI14), 127–131.
Alias, N. A. B., Yahya, S. A., & Rozali, E. A. (2023). Impak Amalan Wakaf Terhadap Pemerintahan Kerajaan ‘Uthmaniyyah di Bosnia & Herzegovina pada abad ke 15M hingga 17M: Waqf Impact towards Ottoman Reigns in Bosnia and Herzegovina during 15th to 17th Century. Journal of Al-Tamaddun, 18(2), 205-216.
Azhar, A., & Ahmad, W. S. B. W. (2017). Penawaran Skim Wakaf Kaki: Kajian Kes Di Bahagian Wakaf Majlis Agama Islam Negeri Kedah. Journal Of Humanities, Language, Culture, And Business (Hlcb), 1.
Don, M. A. M. (2019). Teori wakaf, kepelbagaian dan contoh amalan di Malaysia. MALIM: Jurnal Pengajian Umum Asia Tenggara, 20, 24-39.
Enakmen Pentadbiran Agama Islam (Negeri Pulau Pinang) 2004 (Enakmen Nombor 4 Tahun 2004).
Hashim, H. & Asmak A. R. (2012). Pengurusan Pembangunan Harta Wakaf: Pengalaman Majlis Agama Islam Negeri Pulau Pinang (MAINPP) Terhadap Wakaf Seetee Aishah. Jurnal Pengurusan ,19(2), Penerbit Universiti Utara Malaysia.
Himpunan Keputusan Muzakarah Jawatankuasa Fatwa Kebangsaan. (2008). Fatwa Ke 23: Hukum Membangunkan Tanah Wakaf Khas Dengan Membangunkan Selain Niat Asal Pewakaf. Jabatan Kemajuan Islam Malaysia (JAKIM). Putrajaya.
Hussin, R., & Rashid, R. A. (2017). Diversifying income generation through waqf in public Universities in Malaysia: Efforts and challenges. IJASOS-International E-Journal of Advances in Social Sciences, 3(7), 223-231.
Hussin, R., Rashid, R. A., & Yaakub, N. I. (2016) Skim Wakaf Kaki: Merealisasikan Impian Anak Yatim Dan Miskin Untuk Pendidikan Tinggi. In M. S. Shahruddin et al. (Eds.), Sinergisme wakaf pendidikan tinggi di malaysia (pp. 115-125). UiTM.
Ismail, C. (2010). Perundangan Wakaf Di Malaysia: Analisis Beberapa Isu Berbangkit. Kertas kerja yang dibentangkan dalam 5th ISDEV International Graduate Workshop 2010 di USM, Pulau Pinang.
Ismail, M., Som, H. M., Deni, M. I. M., & Sulaiman, M. (2015). Model Operasi Wakaf Pendidikan di Malaysia. In International Conference on Cash Waqf (ICCW) (pp. 215-228).
Johari, F., Orip, N. M. M., Kefeli, Z., Aziz, M. R. A., Hussin, F. A., Ibrahim, P. & Rahman, A. A. (2014). Intention To Donate Cash Waqf Repeatedly: A Preliminary Descriptive Analysis.
Kamal, A., & Seman, A. C. (2017). Pembiayaan wakaf di Majlis Agama Islam Negeri terpilih: potensi pelaksanaan di peringkat institusi pengajian tinggi. TAFHIM: IKIM Journal of Islam and the Contemporary World, 10.
Khalim, M. A., & Zakaria, N. H. (2014). Peranan Media Massa dalam Mempromosikan Saham Wakaf Johor. Jurnal Pengurusan Jawhar, 8(1), 21-42.
lias, A., & Wan Ahmad, W. S. B. (2017). Penawaran Skim Wakaf Kaki: Kajian Kes Di Bahagian Wakaf Majlis Agama Islam Negeri Kedah. Journal Of Humanities, Language, Culture, and Business (Hlcb), 1(6), www.Icohlcb.Com. E-ISSN: 01268147.
Mahamood, S. M., Ab Rahman, A., Ahmad, H. Z. Z., & Muhammad, S. (2007). Konsep Wakaf Sebagai Instrumen Pembangunan Harta Tanah di Wilayah Pembangunan Iskandar (WPI). Jurnal Pengurusan JAWHAR, 1(2), 1-32.
Zakaria, M. S., & Muda, Z. M. (2017). Sorotan literatur pelaksanaan wakaf tunai di Malaysia. Islamiyyat: Jurnal Antarabangsa Pengajian Islam, International Journal of Islamic Studies, 39(1), 39-46.
Nawi, N. H. M., Ismail, M., & Ahmad, M. K. (2017). Falsafah Wakaf Pendidikan Tinggi; Analisis Epistemologi Dan Aksiologi. Human Sustainability Procedia.
Othman, R. (2005). The influences of colonisation on the perception and practices of wakaf. Jurnal IKIM.
Ramli, A. H., & Sulaiman, K. (2006). Pembangunan Harta Wakaf: Pengalaman Negara-Negara Islam. Kertas kerja dibentangkan dalam Konvensyen Wakaf Kebangsaan 2006 pada 12-14 September 2006 di Kuala Lumpur.
Rani, M. A. B. M. (2015). Fatwa On Waqf: Specialized Analysis in Hand Over of Waqf Lands by State Authority. International Journal of Nusantara Islam, 3(1), 47-58.
Rani, M. A. M., Sayin, B., Abd Latiff, A. Z., Ishak, A. H., & Othman, R. (2014). Transformasi Wakaf di Malaysia: Isu dan Cabaran. Shah Alam: Institut Kajian Zakat Malaysia (IKaZ), Universiti Teknologi MARA (UiTM).
Sabit, M. T., Iman, A. H. M., & Omar, I. (2005). An ideal financial mechanism for the development of the waqf properties in Malaysia. Johor: Reseach Management Centre, Universiti Teknologi Malaysia.
Sayin, B., Ali, A., & Suyurno, S. S. (2006). Pengenalan Pengurusan Wakaf di Malaysia. Pusat Penerbitan Universiti UPENA: UiTM.

(Abdullah et al., 2024)
Abdullah, S. R., Kasim, N. H., Hamid, M. S. A., Bakar, A. Y. A., Fazial, F., & Riyaldi, M. H. (2024). Transformation of Waqf Asset Development Financing in Malaysia Through Diversified Direct Financing Methods. International Journal of Academic Research in Business and Social Sciences, 14(5), 981–988.