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The Role of Corporate Waqf in Financial Sustainability and Socioeconomic Development Insights from Waqaf An-Nur Corporation Berhad

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  • Norizah Mohamed Daud

    (Academy of Contemporary Islamic Studies (ACIS), University Technology MARA Melaka Malaysia)

  • Norajila Che Man

    (Academy of Contemporary Islamic Studies (ACIS), University Technology MARA Melaka Malaysia)

  • Najiha Omar

    (Academy of Contemporary Islamic Studies (ACIS), University Technology MARA Melaka Malaysia)

Abstract

Corporate waqf has emerged as a significant model for sustainable financial growth and social welfare in the Islamic economy. This paper explores the financial sustainability mechanisms of Waqaf An-Nur Corporation Berhad and its role in addressing social welfare needs. The objective of this study is to analyses how Waqaf An-Nur ensures financial sustainability while contributing to socioeconomic development. A qualitative research approach is employed utilizing content analysis from sources including annual reports, policy documents and academic literature. The study identifies financial strategies such as investment in Shariah-compliant assets, portfolio diversification and the operation of revenue generating social enterprises. The findings reveal that Waqaf An-Nur successfully integrates these mechanisms to provide continuous financial support for healthcare, education and economic empowerment programs. Furthermore, the institution has demonstrated resilience in adapting to economic challenges by optimizing investment strategies and forging strategic collaborations. However, the study also highlights enhanced policy frameworks, improved transparency, and digital transformation will further strengthen the impact of corporate waqf in fostering long-term socioeconomic development. This study concludes that corporate waqf can serve as a sustainable economic model when supported by strong institutional frameworks and innovative financial strategies. By using financial innovations and encouraging more public involvement, waqf institutions such as Waqaf An-Nur Corporation Berhad can contribute significantly to sustainable economic growth and social welfare.

Suggested Citation

  • Norizah Mohamed Daud & Norajila Che Man & Najiha Omar, 2025. "The Role of Corporate Waqf in Financial Sustainability and Socioeconomic Development Insights from Waqaf An-Nur Corporation Berhad," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(6), pages 674-682, June.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-6:p:674-682
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    References listed on IDEAS

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    1. Fahru Azwa Mohd Zain & Siti Fariha Muhamad & Hamdy Abdullah & Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin & Wan Amalina Wan Abdullah, 2024. "Integrating environmental, social and governance (ESG) principles with Maqasid al-Shariah: a blueprint for sustainable takaful operations," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 17(3), pages 461-484, May.
    2. Abdullahi Abubakar Lamido & Mohamed Aslam Haneef, 2021. "Shifting the paradigms in waqf economics: towards renewed focus on socioeconomic development," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 29, pages 18-32.
    3. Muneer M. Alshater & M. Kabir Hassan & Mamunur Rashid & Rashedul Hasan, 2022. "A bibliometric review of the Waqf literature," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 12(2), pages 213-239, June.
    4. Hydzulkifli Hashim Omar* & Abubakar Yusuf Sanyinna, 2018. "Administrative Challenges of WAQF Institution in the Contemporary World: Future Prospects," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 294-299:6.
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