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Evaluation of the practice of waqf management in Muslim minority country: Sri Lanka

Muhammed Thabith, Muhammed Buhary and Mohamad, Nor Asiah and Hasan, Sharina Farihah (2023) Evaluation of the practice of waqf management in Muslim minority country: Sri Lanka. Journal of Contemporary Business and Islamic Finance, 3 (Special issue). pp. 31-42. ISSN 2790-2986

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Waqf institution has been widely established to provide for socioeconomic assistance in various field such as health, education, and socio-religious activities. Some countries successfully record positive outcomes in waqf management such as al-Azhar University in Egypt, the management of million worth of waqf assets in Singapore and mushrooming of various waqf projects in Indonesia. This study explores the origin of waqf and its management in classical literature and assesses its suitability in application within the contemporary sustainable economic world. The study is premised on the statement that waqf institutions achieve their objectives through better management, and this management is absent in the current waqf management in Sri Lanka. Hence, the validity and relevancy of this management is analyzed using classical and contemporary literature. This research adopts literature surveys and thematic interview involving twelve respondents comprised of Sharīʻah scholars, current and former members of the waqf board, and waqf managers of trust. The study highlights the causes for lack of efficient management of waqf; theoretical and practical issues of the existing waqf Act in Sri Lanka, gaps in waqf legal frameworks, conceptual and management gap among the waqf board, equating waqf management to general charitable trusts. One of the notable reasons for this issue is due to a lack of understanding of the concept of waqf and its legal framework. This study recommends for the amendment of the waqf Act. Among others, to incorporate contemporary rules and practices based on Islamic law, staff training to include fundamentals of Islamic knowledge, as well as emphasizing on employment of audit processes for management while promoting awareness on waqf is crucial for waqif, managers, beneficiaries, and members of the society.

Item Type: Article (Journal)
Uncontrolled Keywords: Waqf, cash waqf, legal framework
Subjects: BPH Islamic Economics
BPH Islamic Economics > BPH741 Waqf
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Ahmad Ibrahim Kulliyyah of Laws
Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Kulliyyah of Architecture and Environmental Design
Kulliyyah of Architecture and Environmental Design > Department of Quantity Surveying
Depositing User: Dr Nor Asiah Mohamad
Date Deposited: 04 Apr 2023 10:44
Last Modified: 04 Apr 2023 10:44
URI: http://irep.iium.edu.my/id/eprint/104264

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