Economics of Cash WAQF management in Malaysia: A proposed Cash WAQF model for practitioners and future researchers

• Main Authors: Md. Shahedur Rahaman, Chowdhury, Mohd Fahmi, Ghazali, Mohd Faisol, Ibrahim
• Format: Article
• Language: English
• Published: Academic Journals 2015
• Subjects: Economics of Cash Waqf; management; Cash Waqf model; Malaysia
• Online Access: http://ddms.usim.edu.my/handle/123456789/8110; http://www.academicjournals.org/article/article1380629413_Chowdhury%20et%20al.pdf
• Institution: Universiti Sains Islam Malaysia

Cash Waqf is a trust fund established with money to support services to mankind in the name of Allah. The gifted capital was "transferred" to borrowers who after certain period returned to the waqf the principal plus a certain "extra" amount, which was then spent on all sorts of pious and social purposes. It is recognized that there is no ample study in the area of Cash Waqf. Again literature is very scanty relating to the Cash Waqf management. The exiting studies identify various facets of the Cash Waqf and its management issue to explore different aspects of theoretical dimensions and practices. Thus, the motivation of the study in essence is to identify and explore the innovative avenues for managing Cash Waqf systems and making a hybrid viable Cash Waqf model for generating more benefits for all involving parties of the society with sustainability characteristics. The main objectives are (I) to study the features of existing Cash Waqf management systems in the light of the Malaysian context (II) to find out and evaluate the factors and extent of their impact on the performances of the Cash Waqf management System (III) to develop a Cash Waqf Model based on the analysis for increasing the overall performance of the Waqf sector of Malaysia and integrating them with the symbiotic nexus among different financial sectors (IV) to assist practitioner and future researcher to develop a better hybrid Cash Waqf model. Thus, the present study will contribute amply in this direction. It would also help to reform the present institutional setup and their networking relationship throughout the country with a view to increasing their performance in the direction of the efficient and need based dynamic management of the waqf affairs and systems. As a consequence total policy dimensions at micro and macro perspective can also be framed to meet the diversified objectives of innovations and development in the waqf management systems complying with the Shariah guidelines.