Governance Structures: Dependability And Efficiency Of The Waqf Institutional System In Malaysia

Authors

  • Julia Mustaffa PhD student, Graduate School of Business, Universiti Tun Abdul Razak, Malaysia City
  • Mohd Yaziz Bin Mohd Isa Graduate School of Business, Universiti Tun Abdul Razak, Malaysia
  • Zulkifflee Mohammed School of Accounting & Taxation, Universiti Tun Abdul Razak, Malaysia

https://doi.org/10.33476/jeba.v7i2.3415

Keywords:

Waqf, Malaysia, Governance

Abstract

Waqf lands have the potential to bring in billions of dollars in income for Muslim communities provided that they are successfully developed and managed. In the past, there was no established legal framework for the management of waqf in Malaysia. As a result, waqf land and assets were managed in an inefficient and disorganized manner. The State Islamic Religious Council (SIRC) in Malaysia oversees the waqf administration and is responsible for the legislation in Malaysia that is related to waqf. The SIRC in its role as the sole trustee is in charge of overseeing all aspects of waqf matters. It was made more difficult in Malaysia because there are 13 states and federal territories and each of them has its waqf regulation and as a result, there are different challenges. In addition, the law and enactment of waqf in each state are uniquely distinct from the legislation and enactment in the other states correspondingly. The disparities in size, the varying numbers of waqf properties, and other aspects are the core of these problems. If these Waqf properties were efficiently handled, it would be the ideal solution to the challenge of increasing the social and economic position of the Muslim community. Unfortunately, the waqf institutions in Malaysia do not seem to be capable of playing a proactive role in promoting the economic growth and overall development of Muslims in Malaysia. The purpose of this study is to better understand the challenges in governance, especially in the administration, management, and development of waqf in Malaysia

Downloads

Published

2023-02-15

Issue

Vol. 7 No. 2 (2022): JULI - DESEMBER 2022

Section

Articles

License

Proposed Policy for Journals That Offer Open Access

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA 4.0).

Authors who publish with Journal of Economics and Business Aseanomics (JEBA) agree to the following terms:

1. For all articles published in Journal of Economics and Business Aseanomics (JEBA), copyright is retained by the authors. Authors permit the publisher to announce the work with conditions. When the manuscript is accepted for publication, the authors agree to the publishing right's automatic transfer to the publisher.

3. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.

4. Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.

5. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges and earlier and greater citation of published work (See The Effect of Open Access).