The management of cash waqf: toward socio-economic development of Muslims in Malaysia

Abstract

The purpose of this study is to examine the applicability of cash waqf among the Muslim society. It seeks the evidence of how waqf improves the socio-economic condition of Muslims in Malaysia. Two established waqf institutions in Malaysia had been selected, namely Waqaf Annur Corporation Berhad and Perbadanan Wakaf Selangor as representatives of private and public sectors, respectively. Data was collected through interviews, data archives and document reviews. Both institutions show signifi cant evidence of waqf contribution to religious, economic and social activities. Perbadanan Wakaf Selangor focuses on benefi ts to the public such as mosque management and school development, while Waqaf Annur Corporation Berhad provides funds for public utilities as well as for individuals. This paper contributes to the literature of cash waqf and also informs stakeholder that waqf is the alternative method toward societal development. Comparative studies on cash waqf between countries or between Muslim and non-Muslim endowments are encouraged for future research.