Analysing the importance of wakalah contract in waqf development projects
Waqf plays a functional role in socio-economic uplift and offers perpetual rewards and benefit for both the donors and beneficiaries, respectively. Despite that, development of waqf property reported minimal progress in Malaysia due to several issues including inefficient waqf management and lack of...
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| Main Authors: | , , , , , |
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| Format: | Conference or Workshop Item |
| Language: | en |
| Published: |
2023
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| Subjects: | |
| Online Access: | https://ir.uitm.edu.my/id/eprint/105453/1/105453.pdf https://ir.uitm.edu.my/id/eprint/105453/ https://seaipc.com/ |
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| Summary: | Waqf plays a functional role in socio-economic uplift and offers perpetual rewards and benefit for both the donors and beneficiaries, respectively. Despite that, development of waqf property reported minimal progress in Malaysia due to several issues including inefficient waqf management and lack of competent personnel, that unfortunately leaving the property undeveloped, idle or non-profit generating. As the sole trustee of waqf property, the State Islamic Religious Councils (SIRC) are lacking with competent personnel for project development since their main responsibility is managing Islam and Muslim affairs of the state. Hence, employing a content analysis approach, this article seeks solution by analyzing and deducing the importance of applying wakalah contract between the trustee and agent in initiating waqf development projects. Wakalah has been widely adapted in Islamic banking and finance to clearly state the roles and responsibilities of the contracting parties. This article also conceptualizes the important pillars of waqf and stakeholders that are needed to ensure a sustainable waqf development project. The implementation of waqf wakalah structure is significant for the waqf authorities and policy makers in ensuring the sustainability and productivity of waqf, regardless of the property types. |
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