Corporate waqf: Discovering the primary challenges

Haslinda Yusoff; Muhammad Iqmal Hisham Kamaruddin; Nurul Aini Muhamed; Faizah Darus

doi:10.33102/jmifr.v18i2.373

Authors

Haslinda Yusoff Faculty of Accountancy, Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia
Muhammad Iqmal Hisham Kamaruddin Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia
Nurul Aini Muhamed Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia
Faizah Darus Faculty of Accountancy, Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia

DOI:

https://doi.org/10.33102/jmifr.v18i2.373

Keywords:

Corporate waqf, challenges, qualitative, Malaysia, Islamic finance

Abstract

This study aims to explore and understand the key challenges of corporate waqf management and its implementation, particularly in Malaysia. This study adopted a qualitative approach. Specifically, data obtained from three interviews that involved an academician, a Shariah scholar and a business practitioner have been examined thoroughly. Generally, this study discovers three primary challenges pertaining to corporate waqf and its possible implementation. Legal constraint based on current regulatory settings of waqf management, narrow mindset of key stakeholders and lack of awareness and understanding amongst the general public are the core reasons that impede the successful acceptance and implementation of corporate waqf. This study is expected to contribute to the improvement of the waqf management. It provides an initial understanding about the primary issues that would be confronted when implementing corporate waqf. Thus, it puts forward several insights about the future strategies for positioning corporate waqf into practice.

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Author Biographies

Haslinda Yusoff, Faculty of Accountancy, Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia

Muhammad Iqmal Hisham Kamaruddin , Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia

Nurul Aini Muhamed, Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Malaysia

Faizah Darus, Faculty of Accountancy, Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia

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