None Muhammad Taqi'uddin Mohd Hamzah, None Syahnaz Sulaiman, None Muhammad Iqmal Hisham Kamaruddin, None Aznan Hasan
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Applications of Waqf-Featured Fund in the Malaysian Islamic Fund Management Industry: A Comparative Study
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.
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.