The potential of Waqf for maintenance and management of stratified properties in Malaysia

This article explores the possibility of implementing the concept of waqf within the financial management of a strata scheme for the purpose of covering the costs to maintain and manage common properties. High prices of land and the lack of strategic locations for housing has influenced developers t...

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Main Authors:	Mohamad, Nor Asiah, Sufian, Azlinor, Syed Abdul Kader, Sharifah Zubaidah
Format:	Article
Language:	English
Published:	IIUM Press, International Islamic University Malaysia 2017
Subjects:	K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/61242/ http://irep.iium.edu.my/61242/ http://irep.iium.edu.my/61242/1/61242_The%20Potential%20of%20Waqf.pdf

id	iium-61242
recordtype	eprints
spelling	iium-612422018-03-17T09:25:46Z http://irep.iium.edu.my/61242/ The potential of Waqf for maintenance and management of stratified properties in Malaysia Mohamad, Nor Asiah Sufian, Azlinor Syed Abdul Kader, Sharifah Zubaidah K Law (General) KBP Islamic Law This article explores the possibility of implementing the concept of waqf within the financial management of a strata scheme for the purpose of covering the costs to maintain and manage common properties. High prices of land and the lack of strategic locations for housing has influenced developers to opt for stratified development. The challenge, most of the time, pertains to the maintenance of common areas, which requires substantial funds and professionalism, as well as skills in developing social and human relationships, despite the continual increase in the costs of management. Using doctrinal analysis of primary and secondary data, as well as comparative analysis with strata regulations in Australia, the study concludes that cash waqf can play a role as a potential vehicle to raise funds to maintain and manage common properties in strata schemes. The concept of waqf, where a certain category of properties is released from the ownership of man permanently while its benefits are dedicated to be used for the betterment of the public (ummah), is now regarded as a catalyst for the third sector economy. While religious reward may motivate Muslim owners or tenants to contribute to the waqf fund, other benefits offered such as financial security, sustainability, accountability and transparency would invite contribution and build trust from both, Muslims and non-Muslims. With adequate awareness, initiatives, and effective marketing of waqf products, the waqf concept would be able to provide a sustainable source of funds to cater to short term and long term maintenance plans for strata schemes. IIUM Press, International Islamic University Malaysia 2017-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/61242/1/61242_The%20Potential%20of%20Waqf.pdf Mohamad, Nor Asiah and Sufian, Azlinor and Syed Abdul Kader, Sharifah Zubaidah (2017) The potential of Waqf for maintenance and management of stratified properties in Malaysia. IIUM Law Journal, 25 (2). pp. 229-256. ISSN 2289-7852 http://journals.iium.edu.my/iiumlj/index.php/iiumlj/article/view/308
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KBP Islamic Law
spellingShingle	K Law (General) KBP Islamic Law Mohamad, Nor Asiah Sufian, Azlinor Syed Abdul Kader, Sharifah Zubaidah The potential of Waqf for maintenance and management of stratified properties in Malaysia
description	This article explores the possibility of implementing the concept of waqf within the financial management of a strata scheme for the purpose of covering the costs to maintain and manage common properties. High prices of land and the lack of strategic locations for housing has influenced developers to opt for stratified development. The challenge, most of the time, pertains to the maintenance of common areas, which requires substantial funds and professionalism, as well as skills in developing social and human relationships, despite the continual increase in the costs of management. Using doctrinal analysis of primary and secondary data, as well as comparative analysis with strata regulations in Australia, the study concludes that cash waqf can play a role as a potential vehicle to raise funds to maintain and manage common properties in strata schemes. The concept of waqf, where a certain category of properties is released from the ownership of man permanently while its benefits are dedicated to be used for the betterment of the public (ummah), is now regarded as a catalyst for the third sector economy. While religious reward may motivate Muslim owners or tenants to contribute to the waqf fund, other benefits offered such as financial security, sustainability, accountability and transparency would invite contribution and build trust from both, Muslims and non-Muslims. With adequate awareness, initiatives, and effective marketing of waqf products, the waqf concept would be able to provide a sustainable source of funds to cater to short term and long term maintenance plans for strata schemes.
format	Article
author	Mohamad, Nor Asiah Sufian, Azlinor Syed Abdul Kader, Sharifah Zubaidah
author_facet	Mohamad, Nor Asiah Sufian, Azlinor Syed Abdul Kader, Sharifah Zubaidah
author_sort	Mohamad, Nor Asiah
title	The potential of Waqf for maintenance and management of stratified properties in Malaysia
title_short	The potential of Waqf for maintenance and management of stratified properties in Malaysia
title_full	The potential of Waqf for maintenance and management of stratified properties in Malaysia
title_fullStr	The potential of Waqf for maintenance and management of stratified properties in Malaysia
title_full_unstemmed	The potential of Waqf for maintenance and management of stratified properties in Malaysia
title_sort	potential of waqf for maintenance and management of stratified properties in malaysia
publisher	IIUM Press, International Islamic University Malaysia
publishDate	2017
url	http://irep.iium.edu.my/61242/ http://irep.iium.edu.my/61242/ http://irep.iium.edu.my/61242/1/61242_The%20Potential%20of%20Waqf.pdf
first_indexed	2023-09-18T21:26:51Z
last_indexed	2023-09-18T21:26:51Z
_version_	1777412249215827968

The potential of Waqf for maintenance and management of stratified properties in Malaysia

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