The Corporate Waqf in Law and Practice

Saad, Aisha

doi:10.15779/z38nc5sc93

Cited by 2 publications

(5 citation statements)

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“…One can view corporate waqf as an innovative model that seamlessly blends traditional waqf principles with modern business frameworks. It makes it possible for corporate entities to establish waqf using their resources (Ramli & Jalil, 2013;Mohsin, 2014;Saad, 2019), creating a sustainable funding source for religious, humanitarian and social endeavours.…”

Section: Corporate Waqf: Background and Historical Originmentioning

confidence: 99%

“…The second meaning extends corporate waqf to include all endowments comprising shares in businesses, ṣukūk, mutual funds, real estate, lands, buildings, machineries, vehicles or any other permissible assets dedicated to entities with strategic business frameworks, regardless of whether the founder has corporate or non-corporate status (Mohsin, 2014;Saad, 2019;Yusoff et al, 2021). For example, Mohsin (2014, p. 16) defines corporate waqf as 'the confinement of an amount of liquid money, shares, profit, dividends by the founder(s) such as individuals, companies, corporations, organizations or institutions, and the dedication of its usufruct in perpetuity to the welfare of society'.…”

Section: The Overextension Of the Term Corporate Waqfmentioning

confidence: 99%

“…There seems to be no study that has critically examined the term 'corporate waqf'. This study is important because the term 'corporate waqf' has been used in a number of different ways, making it unclear whether it refers to waqf founded by corporations (Johor Corporation, 2008;Ramli & Jalil, 2013;Jalil & Ramli, 2014) or waqf whose assets are dedicated to entities adopting strategic business frameworks, regardless of the founder's corporate or non-corporate status (Hasbullah et al, 2016;Saad, 2019;Abdul Manaf, 2020;Ahmad, 2020;Yusoff et al, 2021). The adjective 'corporate' in corporate waqf also adds to the ambiguity.…”

Section: Introductionmentioning

confidence: 99%

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

Susamto,

Bisri,

Masyhadi

et al. 2024

IJIF

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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.

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Section: Corporate Waqf: Background and Historical Originmentioning

confidence: 99%

Section: The Overextension Of the Term Corporate Waqfmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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

Susamto,

Bisri,

Masyhadi

et al. 2024

IJIF

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“…The corporate waqf is one of the more modern waqf structures. One of the contemporary waqf structures is the corporate waqf (Saad, 2019). Corporate waqf is not a cash waqf component but an independent waqf entity.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Companies should prioritize business ethics and good governance in waqf governance, such as accountability, transparency, and professionalism in collecting and distributing assets. Business entities can independently establish, manage, and distribute waqf proceeds to beneficiaries (Huda, 2020;Saad, 2019).…”

Section: Concept Of Corporate Waqfmentioning

confidence: 99%

Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia

Huda

Santoso²

2022

Acad. J. Interdiscip. Stud.

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The development of corporate waqf in Indonesia is relevant in creating an alternative model for the sustainability of waqf benefits and contributing to the national economic growth. This study aims to explore the implementation of Corporate Waqf Core Principles (CWCP), a set of sharia principles for corporate waqf implemented in the growth of waqf in Indonesia. This study uses qualitative research with a specific focus on comparative analysis of the advantages of waqf management at two different institutions that develop corporate waqf, Waqf Board Foundation of Universitas Islam Indonesia (YBW UII) Yogyakarta and Pesantren Tebuireng in Jombang. YBW UII Yogyakarta has developed productive waqf assets and immovable objects through professional and profitable multi-company institutions, ensuring that the waqf’s results expand and the benefits fly. Pesantren Tebuireng, on the other hand, understands the implementation of CWCP in the framework of productive waqf administration and management by conceptualizing the productivity of waqf assets through corporate and institutional management. The two models of waqf management methods ensure that waqf management within the corporate institutional framework is more productive and produces long-term outcomes and benefits. However, there are certain deviations in the implementation of the CWCP which has not used shares as waqf assets. The development of this waqf model in Indonesia can accelerate community economic development. Received: 6 June 2022 / Accepted: 20 August 2022 / Published: 2 September 2022

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The Corporate Waqf in Law and Practice

Cited by 2 publications

References 0 publications

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

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

Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia

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