Redefining Boundaries: The Case for Enterprise-Structured Waqf Over Corporate Waqf

Abstract

Purpose — This paper highlights the overextension in the definition of the term corporate waqf in the current literature, proposing a return to its original meaning. It also advocates for the use of a new term, enterprise-structured waqf, to capture the broader and more inclusive contexts of waqf. This paper further elaborates on and categorises the facets of the newly advocated term, clearly delineating its scope. Design/Methodology/Approach — This paper utilises a qualitative content analysis (QCA) methodology to recognise specified characteristics within the corporate waqf literature. It prudently dissects the prevailing narratives, revealing areas of conceptual ambiguity and inconsistency. It further proposes new narratives. Findings — It is shown that the extended definition of the term corporate waqf has left it ambiguous, with two meanings. The first is waqf that is established by corporate entities. The second is waqf whose assets are dedicated to entities with strategic business frameworks, regardless of the founder’s corporate or non-corporate status. The second meaning, while innovative, is misleading. It is therefore proposed that the term corporate waqf be returned to its original meaning and the term enterprise-structured waqf be used instead to capture the broader and more inclusive contexts of waqf. Originality/Value — This paper is the first to highlight the overextension in the definition of the term corporate waqf, propose a return to its original meaning, and advocate for the use of an alternative term, namely enterprise-structured waqf. Practical Implications — Returning to corporate waqf’s original meaning while distinguishing it from the broader concept of enterprise-structured waqf will potentially help expand waqf engagement and resource mobilisation.