Cooperative-waqf model: a proposal to develop idle waqf lands in Malaysia

Pitchay, Anwar Allah and Thaker, Mohamed Asmy Mohd Thas and Mydin, Al Amin and Azhar, Zubir and Latiff, Abdul Rais Abdul,(2018), Cooperative-waqf model: a proposal to develop idle waqf lands in Malaysia. , International Journal of Islamic Finance, UNSPECIFIED

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Purpose – Waqf (Islamic endowment) in the form of cash is important to address the problem of developing idle waqf lands. Although there are various existing models of cash waqf, there is still a need for innovative cash waqf models. This paper aims to offer an alternative mode of financing for developing idle waqf lands using the concepts of cooperatives and waqf. Design/methodology/approach – The present study first evaluates relevant literature on financing issues faced by waqf institutions in developing idle waqf lands as well as existing models of cash waqf. Based on the prevailing gap in cash waqf models, the study proposes a hybrid model of cooperative-waqf to finance idle waqf lands in Malaysia. Findings – The proposed model is unique owing to the new dimension of membership being embedded into the waqf project. It considers donors as members of the waqf project, which is funded through the cash waqf collected, and thus, donors are given the privilege to receive benefits from the commercialised projects that are developed on the waqf lands. The existing models of cash waqf use traditional methods in which donors merely contribute cash waqf without any awareness of how the contributions are utilised. Usually, this problem occurs due to the lack of reciprocal communication between cash waqf donors and waqf institutions. Research limitations/implications – The present study examines the case of waqf land development in the context of Malaysia only. Secondly, the paper does not contain any empirical analysis, and the development of the paper is based on existing literature that discusses various models of cash waqf practised
Keywords : Cash waqf, Cooperative-waqf, UNSPECIFIED
Journal or Publication Title: International Journal of Islamic Finance
Volume: 10
Number: 2
Item Type: Article
Subjects: Ekonomi Islam
Depositing User: Heru Prastyo
Date Deposited: 16 Dec 2019 06:39
Last Modified: 16 Dec 2019 06:39

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