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Assessing The Performance of Unit Trust Waqf Funds in Malaysia
The Securities Commission Islamic Fund and Wealth Management Blueprint 2017 was the precursor for the establishment of waqf-featured funds in Malaysia. This is in line with the intention of Bank Negara Malaysia to employ social finance for the delivery of social goods and services. To date, there are five unit trust funds and one wholesale fund that are linked with waqf. The former are the Makmur myWakaf Fund, PMB-An-Nur Waqf Income Fund, Kenanga Waqf Al-Ihsan Fund, Maybank Mixed Assets-I Waqf Fund, and BSN Dana Wakaf Al-Ikhlas. Yet to the knowledge of the researchers, there is a dearth of studies that examine the performance of these funds. This could be attributed to the fact that the first unit trust waqf-featured fund, the Makmur myWakaf Fund, was only launched in 2021. Therefore, this study aims to compare the performance of unit trust waqf funds and identify the top consistent fund. By employing the modified Sharpe ratio method, we found that the top consistent fund is PMB An-Nur Waqf fund while the Makmur myWakaf fund should be considered for further analysis. This study is significant to aid investors in making sound decision in regards to unit trust waqf investments and may help the finance regulatory institution to further develop the social finance landscape in Malaysia.
Journal Article
Le waqf dans l'espace islamique : outil de pouvoir socio-politique
This scholarly work, edited and presented by Randi Deguilhem, is a seminal contribution to the study of Islamic social and political history. It reframes the Waqf (pious endowment) not merely as a religious or charitable act, but as a sophisticated socio-political tool used by various actors to exert influence, preserve wealth, and provide public services throughout the Islamic world.
BOOK
The Economic Contributions of Awqaf in Türkiye
Waqf holds profound significance, extending beyond its economic role, rooted in the concept of qurbah-seeking closeness to Allah Ta'ālā. It embodies perpetual worship ('ibādah) dedicated to serving the needy and virtuous causes while maintaining a vital nexus with the economy as a charitable endeavor for producing added value. This study descriptively explores this nexus by analyzing the Turkish awqāf sector and its economic contributions. In Türkiye, the awqāf SECTOR comprises fused (mazbut), annexed (mulhak), new (yeni), community (cemaat), and state awqāf, along with corporate awqāf, waqf universities, and waqf healthcare institutions. Fused and annexed awqāf represent the Ottoman waqf tradition, while state awqāf redistribute the government revenue sources by providing aid to the poor and disadvantaged. Community awqāf, apart from their hospitals, have limited contributions. New awqāf represent contemporary models with diverse revenue sources, making the most substantial contribution to the Turkish economy. Turkish awqāf play a significant role in providing public services, notably in higher education, industrial manufacturing (especially for defense sector), research and development, healthcare, and social assistance, primarily through corporate awqāf and waqf universities. As a result, they foster economic growth by expanding capital stock and investments while aiming to improve income distribution and the welfare of the poor.
Journal Article
Determining the characteristics of waqf-based Islamic financial institution and proposing appropriate models for Indonesia
Purpose>This study aims to determine the characteristics of waqf-based Islamic financial institution (IFI) and subsequently propose some waqf-based IFIs.Design/methodology/approach>This study uses the Delphi method, combined with the Likert scale, to determine and validate the agreed characteristics of waqf-based IFI models. Subsequently, based on the agreed characteristics, the authors propose waqf-based IFI models.Findings>The results show that there are 28 important characteristics of waqf-based IFI, which respondents agree on 24 characteristics with significant Kendall’s concordance or rater agreement (W). The type of waqf-based IFI could be a bank, venture capital or cooperative; the business orientation should be a combination of commercial-social, and it could be implemented in the national, community or micro level. Based on the agreed characteristics, the authors propose several waqf-based IFI, including integrated commercial-social waqf-based bank, integrated commercial-social waqf-based venture capital and integrated commercial-social waqf-based cooperative.Research limitations/implications>Respondents of this study comprise experts and practitioners who reside in Indonesia so that the results of proposed waqf-based IFIs are most suitable to be implemented in Indonesia.Practical implications>The conceptual framework and method used in this study could be applied to determine the characteristics of waqf-based IFI and propose the most suitable waqf-based IFI models in other countries.Originality/value>This study starts with determining the essential characteristics of waqf-based IFI, which then be used to propose waqf-based IFI models.
Journal Article
Juridical Analysis of Productive Land WAQF Assets Management Based on Empowerment Conservation of Environmental Functions
BWI participates in preserving nature with the waqf innovation movement and forming a professional trustee ( nadzir ) to manage productive land waqf assets based on environmental function preservation. However, this has yet to be explained textually in the Waqf Law. This study analyzes the juridical management of productive land waqf assets based on preserving environmental functions. This is a literature study using a normative juridical and legal interpretation approach. The results of the study show that the management of productive land waqf assets based on the preservation of environmental functions can be understood through the interpretation of Articles 5, 22, 40, 42, 47, 49, and 54 of the Waqf Law, which understands that the management of productive land waqf assets is based on the preservation of environmental functions life, it is essential to do. The goal is to improve the general welfare and shape welfare. Management of productive land waqf assets based on the preservation of environmental functions following the objectives of the formation and characteristics of Islamic law, namely being able to maintain religion and the universe. This shows that Islamic law is always flexible and follows the developments and needs of society.
Journal Article
An empirical investigation on waqf governance practices in waqf institutions in Malaysia
Purpose
This study aims to examine and compare the current waqf governance practices in waqf institutions in Malaysia.
Design/methodology/approach
This paper reviews professional documents and literature to propose a new and practical waqf governance measurement. Waqf governance measurements were used to examine and compare the current waqf governance practices among waqf institutions in Malaysia. The annual reports of all waqf institutions under the State Islamic Religious Councils (SIRCs) were analysed using content analysis on the current waqf governance practices using binomial logic.
Findings
Overall, the results indicate moderate waqf governance practices under three waqf governance categories, namely waqf governance policy, waqf governance board and waqf governance processes. This study also found a significant impact of corporatisation reformation of waqf institutions on waqf governance practices.
Research limitations/implications
The findings indicate the need for all waqf institutions in Malaysia, especially for non-corporate waqf institutions, to enhance their waqf governance practices by disclosing all relevant information to the public. This is because the success of waqf fund management can be portrayed through the management’s transparency in waqf governance practices on how they deliver and use their resources to attain socio-economic objectives.
Originality/value
To the best of the authors’ knowledge, this study is among the first studies that examined and evaluated the current waqf governance practices in several waqf institutions in Malaysia.
Journal Article