Applications of Waqf-Featured Fund in the Malaysian Islamic Fund Management Industry: A Comparative Study

IF 0.1 N/A RELIGION global journal al thaqafah Pub Date : 2023-07-31 DOI:10.7187/gjat072023-7

None Muhammad Taqi'uddin Mohd Hamzah, None Syahnaz Sulaiman, None Muhammad Iqmal Hisham Kamaruddin, None Aznan Hasan

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Abstract

Historical evidence demonstrates the enormous role waqf institutions have played in the development and advancement of Muslims throughout the Muslim history. With the proper structure and strategy, waqf contributes to numerous spheres of life, including mainstream economic development. Contemporary development of Islamic finance has enabled the waqf concept to be linked to various financial products, including Shariah-compliant investment instruments, such as, Islamic unit trust funds and Islamic wholesale funds. This paper aims to highlight the current applications of the Waqf-Featured Fund (WFF) in the Malaysia Islamic Fund Management Industry. This is in relation to the launch of a new WFF framework to facilitate the offering of Islamic funds with waqf characteristics. The study took both qualitative via in-depth semi-structured interviews with eleven (11) WFF stakeholders, as well as, analyzing of policy documents, journal articles, books, and online resources. The findings shed light on the current issues and challenges confronting waqf projects in Malaysia, as well as the current guidelines and essential requirements for the WFF, the current application of the WFF in the Malaysian Islamic Fund Management (IFM) industry, and a proposal for the future application model, which includes fund collection, investment structure, distribution process, and fund reporting.

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waqf特色基金在马来西亚伊斯兰基金管理业中的应用比较研究

历史证据表明，在整个穆斯林历史中，waqf机构在穆斯林的发展和进步中发挥了巨大的作用。通过适当的结构和策略，waqf为许多生活领域做出了贡献，包括主流经济发展。伊斯兰金融的当代发展使waqf概念能够与各种金融产品联系起来，包括符合伊斯兰教法的投资工具，如伊斯兰单位信托基金和伊斯兰批发基金。本文旨在突出waqf特色基金(WFF)在马来西亚伊斯兰基金管理业的应用现状。这与推出一个新的WFF框架有关，以促进提供具有waqf特征的伊斯兰基金。该研究通过对11个WFF利益相关者进行深入的半结构化访谈，以及对政策文件、期刊文章、书籍和在线资源的分析，进行了定性研究。研究结果揭示了马来西亚waqf项目当前面临的问题和挑战，以及WFF的当前指导方针和基本要求，WFF在马来西亚伊斯兰基金管理(IFM)行业的当前应用，以及对未来应用模式的建议，包括资金收集，投资结构，分配流程和基金报告。

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来源期刊

global journal al thaqafah RELIGION-

CiteScore

0.20

自引率

0.00%

发文量

期刊介绍： Global Journal Al-Thaqafah (GJAT) is a biannual journal, published by Universiti Sultan Azlan Shah (USAS), Perak, MALAYSIA. This journal is purely academic and peer reviewed. It caters to articles, research notes and reports, and book reviews on diverse topics relating to Islam and the Muslims. This journal is intended to provide an avenue for researchers and academics from all persuasions and traditions to share and discuss differing views, new ideas, theories, research outcomes, and socio-cultural and socio-political issues that impact on and directly or indirectly affect the Muslim World with the sole purpose of making this world a better place to live in. GJAT started in 2011 and was later granted the SCOPUS status in March 2014. Since then, GJAT has published numerous articles and materials from international contributors. GJAT welcomes contributions from all: academics, experts, and professionals. All articles submitted must be original, academic, of high scholarly standard, and meet the strict SCOPUS requirements. GJAT prioritizes articles that discuss fundamental issues and are of global relevance and importance, and publishes all articles that fulfill the basic criteria without prejudice (kindly refer to "Submission and Guidelines"). All decisions by GJAT to publish any article are final.