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Towards Developing a Shariah Governance Framework for Waqf Institutions: A Case of Majlis Agama Islam Melaka

Author

Listed:
  • Syed Ahmed Salman

    (Lincoln University, Petaling Jaya, 47301, Malaysia Author-2-Name: Rusni Hassan Author-2-Workplace-Name: IIUM Institute of Islamic Banking and Finance, Gombak, 53100, Malaysia Author-3-Name: Nur Atiqah Maulad Murat Author-3-Workplace-Name: IIUM Institute of Islamic Banking and Finance, Gombak, 53100, Malaysia Author-4-Name: Adnan Yusoff Author-4-Workplace-Name: Universiti Tenaga Nasional, Kajang, Selangor, 43000, Malaysia Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

" Objective - Since Islam, Waqf, known as the Islamic endowment, has played a significant role in reforming and developing the economy. Like zakat (compulsory charity) and sadaqah (optional charity), Waqf has also been considered an essential means of poverty alleviation and upliftment. In Malaysia, each state's jurisdiction, called the State Islamic Religious Council (SIRCs), supervises waqf properties' governance. However, recently, it has been reported that the SIRC responsible for managing waqf properties has been unable to manage and operate effectively. To devise a well-designed strategy that can strengthen governance within the waqf institutions. Moreover, restoring Waqf as a mechanism for socio-economic development may be necessary for waqf institutions to develop their formal governance framework. Therefore, this paper aims to conduct a qualitative study of current Shariah governance practices in Waqf institutions at Majlis Agama Islam Melaka (MAIM). Methodology – The qualitative research method was used for this investigation. The interviewees are chosen using a selection process that is a hybrid of convenience sampling and purposeful sampling. Both content and descriptive analysis were utilized in analyzing the outcomes of the interviews. To obtain information on waqf governance in MAIM, an interview was conducted with various officers from the organization. A total of six experts in the field of Waqf from MAIM participated in this study and were interviewed for this research. Findings – The current practices of Shari'ah Governance in Waqf Institution in Majlis Agama Islam Melaka (MAIM) have been examined through interviews and brochures from interviewees. Several gaps were found in the organization's structure; Board of Directors, Shariah Committee, Shariah Audit, Shariah Review, and Shariah Risk Management. Based on findings extracted from the analysis, researchers provide several recommendations. Novelty – This study is unique because there was no study conducted on the current practices of Shari'ah Governance in Waqf Institution in Majlis Agama Islam Melaka (MAIM). The officers and board of directors will benefit significantly from this research in both an educational and a guiding capacity. Type of Paper - Empirical"

Suggested Citation

  • Syed Ahmed Salman, 2022. "Towards Developing a Shariah Governance Framework for Waqf Institutions: A Case of Majlis Agama Islam Melaka," GATR Journals jfbr206, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr206
    DOI: https://doi.org/10.35609/jfbr.2022.7.3(2)
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    References listed on IDEAS

    as
    1. Iqbal, Zamir & Mirakhor, Abbas, 2004. "Stakeholders Model of Governance in Islamic Economic System," MPRA Paper 56027, University Library of Munich, Germany.
    2. Salma Sairally & Najmul Hussein Rassool, 2022. "Prospects and Challenges for Islamic Investment and Wealth Management in Mauritius," Springer Books, in: Toseef Azid & Murniati Mukhlisin & Othman Altwijry (ed.), Wealth Management and Investment in Islamic Settings, chapter 0, pages 227-248, Springer.
    3. repec:eme:ijoes0:ijoes-12-2021-0217 is not listed on IDEAS
    4. Mervyn K. Lewis, 2014. "Principles of Islamic corporate governance," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 13, pages iii-iii, Edward Elgar Publishing.
    5. Iqbal, Zamir & Mirakhor, Abbas, 2004. "Stakeholders Model Of Governance In Islamic Economic System," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 11, pages 44-63.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Waqf; Shari'ah governance; Majlis Agama Islam Melaka; and Malaysia;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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