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Unearthing potential: a comparative study of waqf real estate development and management in Turkey and Malaysia

Abdul Manaf, Zati Ilham (2023) Unearthing potential: a comparative study of waqf real estate development and management in Turkey and Malaysia. In: 11th Global Waqf Conference 2023, 7-9th September 2023, Istanbul, Turkey. (Unpublished)

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Unearthing Potential: A Comparative Study of Waqf Real Estate Development and Management in Turkey and Malaysia Zati Ilham Abdul Manaf Assistant Professor, Civil Law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia Abstract Waqf, an Islamic practice of voluntary endowment for communal benefits, has been an integral institution within Muslim communities for centuries, fostering socio-economic conditions through the dedicated use of real estate for the welfare of the society. Traditionally, real estate forms the cornerstone of Waqf, with properties dedicated to the welfare and support of society. However, despite the rising prominence of other forms of Waqf, such as cash Waqf, real estate remains an enormously influential Waqf asset. Hence, this research delves into the effective and sustainable management of Waqf real estate, focusing on the practices of Turkey and Malaysia. Deeply rooted in its Ottoman legacy, Turkey possesses a rich history of Waqf endowments. Despite its secular constitution, the country has innovatively restored and rejuvenated old Waqf properties, transforming them into functional and commercially viable entities, showcasing an interesting blend of cultural preservation and sustainable use of Waqf assets. Turkey's commitment to Waqf property revitalization is prominent in its successful restoration of historic mosques, such as the Sultanahmet Mosque and Suleymania Mosque, as well as commercial sites like the Spice Bazaar. However, through precursory investigation, it is observed that this progress is marked by a relaxation of traditional Islamic restrictions associated with Waqf, particularly involving the construction process and the financing of the development, reflecting a unique approach to Waqf management and development. In contrast, Malaysia, traditionally dedicating Waqf for specified religious and social purposes, is now aiming to exploit the untapped commercial potential of its numerous idle Waqf lands. Of particular interest is the burgeoning initiative to construct housing accommodations on Waqf lands. This endeavor, supported by federal funds, faces unique challenges due to strict adherence to Shariah principles and funding constraints inherent in Waqf. Recognizing these challenges, the Malaysian government is currently drafting specific Shariah-compliant laws to regulate developers involved in such development projects. Methodologically, this research employs a doctrinal approach, relying extensively on library-based research that includes a review of related statutes, journal papers, books, and conference papers relevant to the subject matter. This is supplemented with information obtained from a seminar presented by academics and a representative from The Directorate of Vakif (Istanbul) from Turkey who provided crucial perspectives on the functioning and practical administration of Waqf in Turkey, enriching the research with practical understanding and experiences. The study aims to explore whether the path Turkey has carved in managing and administering Waqf real estate could serve as a learning curve for Malaysia. Through the comparison of these two distinct models of Waqf real estate development, the research aims to identify best practices, potential pitfalls, and opportunities. The goal is to provide meaningful and practical implications for policymakers, Waqf managers, and other stakeholders. This research uniquely offers a lens to compare and contrast two different models of Waqf real estate, emphasizing the significance of innovative, context-specific strategies in maximizing the benefits of Waqf properties. It uncovers the strengths, limitations, and unique characteristics of both systems, contributing to a broader understanding and advancement of Waqf real estate management. Furthermore, this study adds to the growing discourse on the role of Waqf in socio-economic development, advocating for a more sustainable, equitable, and prosperous society. This extended analysis serves not only to highlight historical practices but also to envision a future where Waqf continues to play a pivotal role in societal welfare and sustainable development through commercial and housing projects.

Item Type: Proceeding Paper (Slide Presentation)
Uncontrolled Keywords: Waqf, real estate, housing, Malaysia, Turkey
Subjects: BPH Islamic Economics > BPH741 Waqf
K Law > K Law (General)
K Law > K720 Property Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User: Dr Zati Ilham Abdul Manaf
Date Deposited: 20 Nov 2023 16:33
Last Modified: 20 Nov 2023 16:33
URI: http://irep.iium.edu.my/id/eprint/107314

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