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Analyzing social viability of the commercial real estate waqf in Malaysia

The housing crisis in Malaysia, characterized by prohibitive costs and supply-demand disequilibrium, necessitates innovative and context-specific solutions. Commercial real estate waqf, an Islamic endowment model, has emerged as a potentially efficacious remedy to address the country's intr...

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Main Authors: Mohd Izzat Amsyar Mohd Arif,, Ruzian Markom,, Faezy Adenan,, Muhammad Syahrul Deen Ahmad Rosli,
Format: Article
Language:English
Published: Penerbit Universiti Kebangsaan Malaysia 2024
Online Access:http://journalarticle.ukm.my/24279/1/Akademika_94_2_16.pdf
http://journalarticle.ukm.my/24279/
https://ejournal.ukm.my/akademika/issue/view/1725
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spelling my-ukm.journal.242792024-10-14T08:36:20Z http://journalarticle.ukm.my/24279/ Analyzing social viability of the commercial real estate waqf in Malaysia Mohd Izzat Amsyar Mohd Arif, Ruzian Markom, Faezy Adenan, Muhammad Syahrul Deen Ahmad Rosli, The housing crisis in Malaysia, characterized by prohibitive costs and supply-demand disequilibrium, necessitates innovative and context-specific solutions. Commercial real estate waqf, an Islamic endowment model, has emerged as a potentially efficacious remedy to address the country's intractable housing challenges. This study investigates factors influencing the societal embrace of commercial property waqf in Selangor, using robust quantitative techniques. A sufficiently powered sample size was determined through statistical power analyses to enhance generalizability. Using PLS-SEM modeling, the impact of four determinants was assessed: community understanding and acceptance; religious beliefs and cultural norms; trust in management; and socioeconomic status. Our findings reveal community understanding and religious/cultural factors significantly increase receptiveness to commercial waqf, aligning with research on attitudinal drivers. Effective governance through managerial trust and transparency also plays a pivotal role in engendering community confidence. However, counterintuitively, socioeconomic status does not significantly influence waqf embrace, suggesting potential mainstream appeal across diverse strata. While valuable, this study acknowledges contextual limitations as findings are confined to Selangor. Further nationwide research could enrich generalizability. Overall, this timely investigation underscores Waqf's promise in addressing housing needs, while emphasizing sociocultural and governance elements essential for successful implementation. Mainstreaming commercial waqf necessitates nuanced, community-centric solutions addressing contextual specificities. Penerbit Universiti Kebangsaan Malaysia 2024 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/24279/1/Akademika_94_2_16.pdf Mohd Izzat Amsyar Mohd Arif, and Ruzian Markom, and Faezy Adenan, and Muhammad Syahrul Deen Ahmad Rosli, (2024) Analyzing social viability of the commercial real estate waqf in Malaysia. AKADEMIKA, 94 (2). pp. 280-297. ISSN 0126-5008 https://ejournal.ukm.my/akademika/issue/view/1725
institution Universiti Kebangsaan Malaysia
building Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description The housing crisis in Malaysia, characterized by prohibitive costs and supply-demand disequilibrium, necessitates innovative and context-specific solutions. Commercial real estate waqf, an Islamic endowment model, has emerged as a potentially efficacious remedy to address the country's intractable housing challenges. This study investigates factors influencing the societal embrace of commercial property waqf in Selangor, using robust quantitative techniques. A sufficiently powered sample size was determined through statistical power analyses to enhance generalizability. Using PLS-SEM modeling, the impact of four determinants was assessed: community understanding and acceptance; religious beliefs and cultural norms; trust in management; and socioeconomic status. Our findings reveal community understanding and religious/cultural factors significantly increase receptiveness to commercial waqf, aligning with research on attitudinal drivers. Effective governance through managerial trust and transparency also plays a pivotal role in engendering community confidence. However, counterintuitively, socioeconomic status does not significantly influence waqf embrace, suggesting potential mainstream appeal across diverse strata. While valuable, this study acknowledges contextual limitations as findings are confined to Selangor. Further nationwide research could enrich generalizability. Overall, this timely investigation underscores Waqf's promise in addressing housing needs, while emphasizing sociocultural and governance elements essential for successful implementation. Mainstreaming commercial waqf necessitates nuanced, community-centric solutions addressing contextual specificities.
format Article
author Mohd Izzat Amsyar Mohd Arif,
Ruzian Markom,
Faezy Adenan,
Muhammad Syahrul Deen Ahmad Rosli,
spellingShingle Mohd Izzat Amsyar Mohd Arif,
Ruzian Markom,
Faezy Adenan,
Muhammad Syahrul Deen Ahmad Rosli,
Analyzing social viability of the commercial real estate waqf in Malaysia
author_facet Mohd Izzat Amsyar Mohd Arif,
Ruzian Markom,
Faezy Adenan,
Muhammad Syahrul Deen Ahmad Rosli,
author_sort Mohd Izzat Amsyar Mohd Arif,
title Analyzing social viability of the commercial real estate waqf in Malaysia
title_short Analyzing social viability of the commercial real estate waqf in Malaysia
title_full Analyzing social viability of the commercial real estate waqf in Malaysia
title_fullStr Analyzing social viability of the commercial real estate waqf in Malaysia
title_full_unstemmed Analyzing social viability of the commercial real estate waqf in Malaysia
title_sort analyzing social viability of the commercial real estate waqf in malaysia
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 2024
url http://journalarticle.ukm.my/24279/1/Akademika_94_2_16.pdf
http://journalarticle.ukm.my/24279/
https://ejournal.ukm.my/akademika/issue/view/1725
_version_ 1814049117082484736
score 13.211869

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