Share Waqf (Corporate Waqf) as an Alternative Financial Instrument in Improving the Communities and Nation Welfare

Khairi, Khairil Faizal; Laili, Nur Hidayah; Sabri, Hisham; Nilai, Baru

doi:10.2139/ssrn.2448122

Cited by 10 publications

(10 citation statements)

References 1 publication

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“…Wakaf saham atau dikenal juga sebagai wakaf korporasi (corporate waqf) sangat bermanfaat dalam peningkatan perkembangan ekonomi negara dan kesejahteraan masyarakat (Khairi et al 2015). Model pengelolaan wakaf uang dan wakaf saham sama yaitu mengumpulkan dana untuk kemudian dikonversikan ke dalam bentuk aset tetap atau diinvestasikan ke dalam instrumen keuangan.…”

Section: Pendahuluanunclassified

“…Maybank Islamic Berhad's Corporate Waqf yang diimplementasikan Johor Corporation Malaysia diakui secara global sebagai sebuah Tanggung Jawab Sosial Perusahaan yang Islami. Dividen yang diperoleh dari wakaf saham dimanfaatkan untuk masyarakat (Khairi et al 2015;Khairil Faizal Khairi et al 2014). Dana wakaf juga memegang peranan penting dalam pengembangan ekonomi komunitas Muslim di Penang, Malaysia.…”

Section: Kajian Pustakaunclassified

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Analisis Strategi Penghimpunan Wakaf Saham di Indonesia

Hakim

2021

Al-Awqaf: J. Wakaf Ekonomi Islam

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Waqf is potentially because the number of Muslims reaches 87 percent of peoples in Indonesia. Share waqf also called stock waqf is one of the productive waqfs in the Islamic stock market but fundraising of share waqf is still low. Their problem is because publication and inclusion level about share waqf is not enough, besides share waqf begins emergence in Indonesia. This research tries to identify important factors and suitable strategies to share waqf’s fundraising in Indonesia. The research is field research which is used a qualitative approach, with an analysis method is the Analytic Network Process (ANP). The respondent of this research is divided into three categories which is, securities company, nazhir, and regulator.

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Section: Pendahuluanunclassified

Section: Kajian Pustakaunclassified

Analisis Strategi Penghimpunan Wakaf Saham di Indonesia

Hakim

2021

Al-Awqaf: J. Wakaf Ekonomi Islam

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“…Awqaf which is the plural of Waqf, is an important institution in the Islamic socioeconomic system used to address the needs of the poorest people, as well as boost the economic growth of society (Khairi et al, 2014;Zuki, 2012). Linguistically, Waqf means to hold, confinement or prohibition.…”

Section: Waqf Instrumentmentioning

confidence: 99%

The role of Islamic social finance in societal welfare: a case study of selected IFBOs in southwest Nigeria

Shuaib

Sohail

2021

IMEFM

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Purpose This study aims to examine the role of Islamic social finance (ISF) instruments such as Zakah, Sadaqah and Waqf in the provision of social services by Islamic faith-based organizations (IFBOs) in Southwest Nigeria. Design/methodology/approach This study adopts exploratory approach based on field interviews conducted with leaders of IFBOs, whereas purposive sampling technique was used to select three case study organizations. Data collected from interviews and documents of case study organizations was analyzed using content and narrative analyses. Findings The first findings indicate faith in the Unseen God, scriptural texts and socio-economic factors as major motivation that accounted for the IFBOs’ concern for social services. The second finding shows that the ISF strategies used by the IFBOs to improve access to social services include Zakah, Awqaf, Sadaqah and gifts. The third finding reveals that the IFBOs have efficient stand-alone and windows operational structures that align with IFBOs corporate governance. The fourth finding also reveals the challenges facing the IFBOs such as inadequate funding, dearth of manpower, lukewarm and uncooperative attitude of Muslims and attitudinal behaviour of givers and takers. Research limitations/implications Absence of documented directory about the role IFBOs usage of ISF in providing social services in Southwest Nigeria affected the study. Many IFBOs were eliminated during the process of selection because of lack of records to indicate their social services relevant to the study. As such, information that could have been collected from the eliminated IFBOs could have contributed significantly to the study. Practical implications The major implications of the study are that ISF has been reinvented as an ethical social welfare framework for supporting the disadvantaged members of the society with ISF instruments and also highlighted the dichotomy existing between IFBOs in the North and Southwest Nigeria with respect to the legal and operational activities of IFBOs usage of ISF. Originality/value This study has contributed to a better understanding of the role of ISF instruments in the provision of social services in an area that is largely under-researched in Nigeria.

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“…To date, there has been no thorough disclosure of waqf assets and liabilities, revenues and expenses by the councils. Prior literature shows that there are problems especially in reporting, such as the councils not even keeping up-to-date waqf accounts (Sulaiman et al, 2019; Daud, 2018; Yunanda et al, 2016; Masruki and Shafi, 2013; Khairi et al, 2014) and mistakes in recording the financial transactions in religious institutions not being corrected immediately (Abdul Rahim and Goddard, 2003). According to Mohamed et al (2006), as well as lack of reporting there is no standardisation among councils.…”

Section: Problem Identificationmentioning

confidence: 99%

Perceptions of Waqf Reporting Practices by State Religious Islamic Councils

Daud*,

Ismail*,

Rahman

et al. 2019

IJRTE

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This paper seeks to contribute to the literature by providing an insight on the perceptions of waqf reporting from the Islamic councils’ perspective. In order to gauge council’s acceptance of waqf reporting in general, the paper used qualitative method to identify the perception of waqf reporting by Islamic councils. The establishment of waqf reporting guidelines by the Department of Waqaf, Zakat & Hajj (JAWHAR)’s manual was not fully practiced by the councils. Even though there is a guideline prepared by JAWHAR, most councils still use their previous systems, which do not meet the standardisation and transparency problems. Thus, from the meetings and interviews conducted, most councils appear reluctant to follow the guidelines given in the Waqf Management Accounting. The findings of this paper may provide a perception on how the acceptance of waqf accounting by State Islamic Religious Council on the importance of their roles in ensuring standardisation and transparency in reporting. This paper has offer a new and significant information, by using different methods i.e. interviews, document analysis and observation in providing an insight on how perception of waqf reporting in the Islamic councils and provide additional evidence on reporting of Islamic councils. It will be the interest to policy makers i.e. state and government. Given the current debate in Malaysia on the most appropriate forms of regulation for the Islamic sector, this paper aims to provide valuable insights into the role of annual report in the system of regulation. The findings can also provide a significant contribution to JAWHAR regarding the means to better reporting and improved Islamic accountability amongst practitioners. This paper seeks to contribute to the literature by providing an insight on how the perception of waqf reporting in the Islamic councils

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Share Waqf (Corporate Waqf) as an Alternative Financial Instrument in Improving the Communities and Nation Welfare

Cited by 10 publications

References 1 publication

Analisis Strategi Penghimpunan Wakaf Saham di Indonesia

Analisis Strategi Penghimpunan Wakaf Saham di Indonesia

The role of Islamic social finance in societal welfare: a case study of selected IFBOs in southwest Nigeria

Perceptions of Waqf Reporting Practices by State Religious Islamic Councils

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