The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt

This paper attempts to investigate waqf as a possible instrument to reduce the Malaysian Federal Government debt. The latest Malaysian federal government debt to gross domestic product (GDP) ratio is 54.47%; more than the 50% threshold for developing economies. This increasing debt level will hurt t...

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Main Authors:	Azrai Azaimi Ambrose, Azniza Hartini, Aslam, Mohamed, Hanafi, Hanira
Format:	Conference or Workshop Item
Language:	English
Published:	Elsevier B.V. 2015
Subjects:	HJ1438 Public Finance In Islam
Online Access:	http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/7/65561%20The%20Possible%20Role%20of%20Waqf%20in%20Ensuring.pdf

id	iium-65561
recordtype	eprints
spelling	iium-655612018-09-19T06:31:59Z http://irep.iium.edu.my/65561/ The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira HJ1438 Public Finance In Islam This paper attempts to investigate waqf as a possible instrument to reduce the Malaysian Federal Government debt. The latest Malaysian federal government debt to gross domestic product (GDP) ratio is 54.47%; more than the 50% threshold for developing economies. This increasing debt level will hurt the economy in the long run. In an effort to reduce the debt, the Malaysian government is presently selling government assets and reforming the taxation system i.e. by introducing Goods and Sales Tax (GST) on 1st April 2015. We however notice that there is an alternative solution from Islamic economics which complies with the Shari’ah law. The alternative is waqf. This paper provides a conceptual framework of the possibility of waqf with respect to its role in federal government debt sustainability. Firstly, the aspect at which waqf can contribute to federal government debt reduction is presented. Secondly, the study discusses the Shari’ah law of waqf, its contemporary issues and the management of waqf in Malaysia. Since Malaysia is a multi-religion society consisting of Muslims and non-Muslims alike, we also analyse the Shari’ah law of waqf pertaining to the non-Muslims. Finally, this paper offers suggestion of a waqf model that may be able to manage and control the federal government debt from ballooning. Elsevier B.V. 2015 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/65561/7/65561%20The%20Possible%20Role%20of%20Waqf%20in%20Ensuring.pdf Azrai Azaimi Ambrose, Azniza Hartini and Aslam, Mohamed and Hanafi, Hanira (2015) The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt. In: International Accounting and Business Conference 2015, IABC 2015, 17th–18th August 2014, Putrajaya, Malaysia. https://ac.els-cdn.com/S2212567115012058/1-s2.0-S2212567115012058-main.pdf?_tid=4dde1a6f-2384-4328-a731-6a4fbfb4467a&acdnat=1537338316_3bd7d7b6d7a69d766c7da1ca55ddcce9 10.1016/S2212-5671(15)01205-8
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HJ1438 Public Finance In Islam
spellingShingle	HJ1438 Public Finance In Islam Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
description	This paper attempts to investigate waqf as a possible instrument to reduce the Malaysian Federal Government debt. The latest Malaysian federal government debt to gross domestic product (GDP) ratio is 54.47%; more than the 50% threshold for developing economies. This increasing debt level will hurt the economy in the long run. In an effort to reduce the debt, the Malaysian government is presently selling government assets and reforming the taxation system i.e. by introducing Goods and Sales Tax (GST) on 1st April 2015. We however notice that there is an alternative solution from Islamic economics which complies with the Shari’ah law. The alternative is waqf. This paper provides a conceptual framework of the possibility of waqf with respect to its role in federal government debt sustainability. Firstly, the aspect at which waqf can contribute to federal government debt reduction is presented. Secondly, the study discusses the Shari’ah law of waqf, its contemporary issues and the management of waqf in Malaysia. Since Malaysia is a multi-religion society consisting of Muslims and non-Muslims alike, we also analyse the Shari’ah law of waqf pertaining to the non-Muslims. Finally, this paper offers suggestion of a waqf model that may be able to manage and control the federal government debt from ballooning.
format	Conference or Workshop Item
author	Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira
author_facet	Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira
author_sort	Azrai Azaimi Ambrose, Azniza Hartini
title	The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
title_short	The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
title_full	The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
title_fullStr	The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
title_full_unstemmed	The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt
title_sort	possible role of waqf in ensuring a sustainable malaysian federal government debt
publisher	Elsevier B.V.
publishDate	2015
url	http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/ http://irep.iium.edu.my/65561/7/65561%20The%20Possible%20Role%20of%20Waqf%20in%20Ensuring.pdf
first_indexed	2023-09-18T21:33:01Z
last_indexed	2023-09-18T21:33:01Z
_version_	1777412637184753664

The possible role of waqf in ensuring a sustainable Malaysian Federal Government debt

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