LITERATURE ON CURRENT DEVELOPMENT OF WAQF PRACTICES IN MALAYSIA
Keywords:
waqf, product development, governance, current developmentAbstract
The waqf instrument is a combination of a form of charity and a means for economic development and possesses its own unique characteristics. Waqf is a precious instrument of the Islamic civilization legacy that has been practiced for a long time. In Malaysia, the total waqf land area is about 11, 091.62 hectares and of this, 6,255.12 hectares are specific waqf whereas the remaining 4,836.50 hectares are general waqf. This amount is quite considerable in terms of its potential in the economic development of the nation. An integrated and proactive approach has transformed from a traditional system to its contemporary form today, while keeping closely to shari’ah principles. Seeing that waqf can substantially contribute towards the country’s economy, the Malaysian government has taken significant steps in the management of all existing waqf assets and included it in the national economic development agenda. This article aims to highlight the current state of waqf development in Malaysia by providing relevant literature on this topic. This study applies a qualitative method by using a library research approach. The discussion is divided into several important areas of waqf development namely contemporary innovations and products development, management and governance as well as the government initiatives. Thus far, the state of waqf in Malaysia is very dynamic and not remain just a religious commitment but it is fully utilized to ensure the economics, human and social development of the society as a whole.
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