The waqf funds and properties as a source for sustainable development in Malaysia
The Islamic concept of trusts is named waqf where an owner donates a land or property for a specific cause or the general welfare of Muslim community. Waqf is thus divided into family trust and charitable endowment the latter being subdivided into specific and general. Irrespective of its classifica...
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2003
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| Subjects: | |
| Online Access: | http://eprints.utm.my/id/eprint/1562/1/WAQF_funds_and_sustainable_development.DOC http://eprints.utm.my/id/eprint/1562/ |
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| Summary: | The Islamic concept of trusts is named waqf where an owner donates a land or property for a specific cause or the general welfare of Muslim community. Waqf is thus divided into family trust and charitable endowment the latter being subdivided into specific and general. Irrespective of its classification, the fundamental idea in the Legalisation of waqf is the perpetual characteristic of its object which is intended for the wellbeing of present and future generations. This concept of waqf is derived from the very words of the prophet who told the second Caliph, as the later asked for advice, to keep the property and release its usufruct for the benefit of the poor and needy. Two hundred years later when the jurists were speaking about waqf they interpreted the events in the Prophet’s time or his companions in such a way that some aspects of the events became the essential elements of waqf. Among them are the element of perpetuality, compliance to the wishes of the grantor, and its administration. While waqf was intended to be the third sector, other than government and business enterprises, in the economic chart, throughout the centuries, the institution of waqf, unfortunately, became a place for corruption and in some instances an obstacle to development. This either resulted in conversion of waqf property to normal or a subject of critics and blaming. On the contrary, the Malaysian Government has managed reform or amend the problem first by passing laws that would abolish the rigidity inherent to the legal framework of the waqf , and second administer it in such a way that, so far, has resulted in a cluster of activities ranging from development of virgin lands, towns, and plantations up to the socio-economical welfare of various communities. While the institution of waqf has contributed productively to the social and economic development of the societies, thus far, there is wide range of issues relating to development and its sustainability that still need to be looked at. These issues include the modernisation of the legal frame work, first, and the integration of resources as well efforts, attraction of new funds, professional management thereof, alone or in partnership with centres of higher learning, corporation with government and city planners for purposes of using a portion of the accumulated returns from waqf funds to finance activities such as health, education, water and sanitation, environmental as well technological studies, social and scientific research, and so forth. |
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