Purpose: The purpose of this paper is to formulate a model for waqf financing of public goods and mixed public goods in Malaysia which constitute the country's federal government expenditures. The model is built on the basis of understanding the concept of waqf, learning from waqf institutions of the past and present and addressing specific Malaysian waqf issues. Design/methodology/approach: This study uses both primary and secondary data. The primary data originate from semi-structured interviews of waqf academicians from the Islamic economics and Islamic finance fields, waqf government officials and private sector institutions that are involved in waqf management. The secondary

The ruling political party or the ruling government has rights in drafting and implementing economic policies including the budget policy. In the case of Malaysia, as observed, the budget policy is associated with the long or medium term economic development plans that are drafted, current thinking or thought of economic policies and additional measures that would be introduced probably related to major economic events such as the impact of financial or global economic crises. Also the budget includes economic policies according to the ruling party"s manifesto and promises made during the election. Eventhough the budget is the ruling government"s privilege but the government"s financial plan, i.e the allocation and the manner of spending, taxation and borrowing are subject to law, acts, rules and procedures. The ruling government cannot simply utilize economic resources for its political means or interests. This paper argues that there is a solid link between the ruling political party with the preparation of the budget policy. To examine the matter this paper uses the survey method. This paper has found that in the case of Malaysia the Member of Parliaments do influence the outlining of the annual budget.

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Goods and services tax (GST) has been a controversial topic in Malaysia when it was first implemented. This study examines the impact of the GST on the Malaysian economy from three major perspectives. First, it investigates the consequent changes in sectoral responses, including output and prices for 15 main sectors. Second, the study presents the results of GST impact on seven macroeconomic variables, namely, consumption, investment, government revenue, government expenditure, export, import, and gross domestic product. Third, the results of household welfare are discussed. A computable general equilibrium model is utilized to simulate GST impact on the Malaysian economy, and a simple comparative static model is performed. The results prove that the higher the GST rate, the higher is the impact on each sector. The sectors most affected by GST are communication and ICT, and the electricity and gas sectors. By contrast, agriculture, forestry and logging, and the petroleum and natural gas sectors are the least affected. Consumption and investment receive the largest negative effect, whereas government revenue and expenditure show the largest positive effect. The study likewise finds that by lowering GST rate, the welfare loss was minimized and the higher-income groups were affected more than the lower-income groups.