Shariah compliance risk management in the provision of wakaf-zakat housings
The presence of risks in development of wakaf-zakat housings, as in other developments, are inevitable. The risks if it is not managed properly may cause loss and damages to properties. Consequently, a proper management of risks is crucial in order to mitigate risks. However, the management of...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Kebangsaan Malaysia
2021
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| Online Access: | http://journalarticle.ukm.my/16937/1/IJIT-Vol-19-June-2021_11_102-109.pdf http://journalarticle.ukm.my/16937/ http://www.ukm.my/ijit/volume-19-june-2021/ |
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| Summary: | The presence of risks in development of wakaf-zakat housings, as in other developments,
are inevitable. The risks if it is not managed properly may cause loss and damages to
properties. Consequently, a proper management of risks is crucial in order to mitigate
risks. However, the management of risk in the provision of wakaf-zakat housings, as
stated in manual guidelines published by JAWHAR (2009; 2007) seems inadequate as it
focuses only on the protection of wakaf and zakat properties. Due to the inadequacy, in
particular to benefit the asnafi and needy, loss and damages occur upon occurrence of
risks probably are due to syubhah methodology adopted in managing risks.
Consequently, a study is conducted to review literature on the practice of conventional
and Shariah compliance risk management leading to a synthesis framework that could
then be recommended for adoption for Shariah compliance risk management in the
provision of wakaf-zakat housings. The study is an extended research on the protection
of wakaf-zakat properties for the needy and poor via takaful. The study combines review
of literature and intensive discussions with experts specializing in the Shariah, wakaf
and zakat, and practitioners i.e. developers and consultants involved in wakaf-zakat
housings and their contents projects. Findings of the study suggest that: Shariah
compliance risk management in the provision of wakaf-zakat housings are not being
practiced; the practice lack comprehensiveness in terms of the management of risks in
the provision of wakaf-zakat housings, and; the outcome of the study is a synthesis list
comprising of processes and steps in Shariah compliance risk management in the
provision of wakaf-zakat housings is produced. |
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