Exploring the dynamics of cash waqf: a critical analysis of its implementation in Malaysia
This paper explores the dynamics of the waqf institution in Islam, with special focus on cash waqf and its implementation in Malaysia. Its combined flexibility and accuracy is important to the real purpose of the waqf in its implementation. Its dynamics are first explored through its meaning and...
| Main Authors: | , |
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| Format: | Article |
| Language: | English English |
| Published: |
IIUM Press, International Islamic University Malaysia
2018
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/48906/ http://irep.iium.edu.my/48906/ http://irep.iium.edu.my/48906/1/48906_Exploring%20the%20Dynamics%20of%20Cash%20Waqf.pdf http://irep.iium.edu.my/48906/2/48906_Exploring%20the%20Dynamics%20of%20Cash%20Waqf_SCOPUS.pdf |
| Summary: | This paper explores the dynamics of the waqf institution in Islam,
with special focus on cash waqf and its implementation in Malaysia. Its
combined flexibility and accuracy is important to the real purpose of the waqf
in its implementation. Its dynamics are first explored through its meaning and
objectives as well as special features of waqf and cash waqf with special focus
on the status of the endowed asset (mawqūf). The second part focuses on the
critical evaluation of the current cash waqf practices in Malaysia. It is found
that the special attention on the endowed asset ought to be maintained in order
to preserve its original purpose. Waqf offers all kinds of assistance and is not
confined to crisis management. Possessing the highest liquidity rate, cash waqf
constitutes an important financial mechanism, especially given the current state
of economic affairs. Its nature must be maintained, as suggested by those jurists
who allow cash to be considered as an endowed asset (mawqūf) and also those
who do not favour it, in order to maintain the perpetuity of the benefit. Only by
adhering to this special arrangement, the real spirit of waqf and its dynamics
can be preserved and further developed in order to fulfil the economic needs
of society. |
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