A review on governance and best practices in waqf management for sustainable development in selected Malaysian States and other countries

Hassan, Rusni and Abu Bakar, Noor Mahinar and Abu Bakar, Noor Haini (2022) A review on governance and best practices in waqf management for sustainable development in selected Malaysian States and other countries. In: Towards a Post-Covid Global Financial System: Lessons in Social Responsibility from Islamic Finance. Emerald Publishing Limited, UK, pp. 161-184. ISBN 9781800716261

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Abstract

Using the notion of sustainable impactful strategies for waqf management, this study examines the governance and best practices on idle waqf management by the Malaysian States Islamic Religious Councils (SIRCs) in selected states like Penang, Perak and Kuala Lumpur. The waqf management of the SIRCs is also assessed based on the model framework countries such as Singapore, Kuwait and United Arab Emirates (UAE). The findings of this chapter indicate that ineffective administration and management on waqf have hindered its development and expansion in Malaysia. Also, an effective and robust governance framework based on Shariah could and should be implemented to ensure that waqf in Malaysia are managed effectively to gain socio-economic sustainability of Muslim communities. The findings of this chapter will fill the research gap on good governance and best practices in waqf administration and management as a way forward for Malaysia by providing a way forward for SIRCs and policymakers in Malaysia, to enhance the performance of waqf entity using selected other countries as model framework of good governance and best practices. Furthermore, an emphasis on good governance and best practices is important to attract waqf donors. It is imperative to note that to date, there is no qualitative study that compare the impact of good governance and best practices on the management of waqf by selected SIRCs in Penang, Perak and Kuala Lumpur to Singapore, Kuwait and UAE as model framework countries.

Item Type:	Book Chapter
Uncontrolled Keywords:	Islamic social finance; Islamic finance; endowment; governance; sustainable development; waqf
Subjects:	H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Prof Dr Rusni Hassan
Date Deposited:	24 Feb 2022 15:14
Last Modified:	24 Feb 2022 15:49
URI:	http://irep.iium.edu.my/id/eprint/96915

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