A proposed model for waqf financing public goods and mixed public goods in Malaysia

Purpose - The purpose of this paper is to formulate a model for waqf financing of public goods and mixed public goods in Malaysia which constitute the country’s federal government expenditures. The model is built on the basis of understanding the concept of waqf, learning from waqf institutions of...

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Main Authors:	Azrai Azaimi Ambrose, Azniza Hartini, Aslam, Mohamed, Hanafi, Hanira
Format:	Article
Language:	English English
Published:	Emerald Publishing Limited 2018
Subjects:	BP173.75 Islam and economics HB126.4 Islamic Economics HJ1438 Public Finance In Islam
Online Access:	http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/1/65581_A%20proposed%20model%20for%20waqf%20financing.pdf http://irep.iium.edu.my/65581/2/65581_A%20proposed%20model%20for%20waqf%20financing_SCOPUS.pdf

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spelling	iium-655812018-12-24T07:41:41Z http://irep.iium.edu.my/65581/ A proposed model for waqf financing public goods and mixed public goods in Malaysia Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira BP173.75 Islam and economics HB126.4 Islamic Economics HJ1438 Public Finance In Islam Purpose - The purpose of this paper is to formulate a model for waqf financing of public goods and mixed public goods in Malaysia which constitute the country’s federal government expenditures. The model is built on the basis of understanding the concept of waqf, learning from waqf institutions of the past and present and addressing specific Malaysian waqf issues. Design/methodology/approach – This study uses both primary and secondary data. The primary data originate from semi-structured interviews of waqf academicians from the Islamic economics and Islamic finance fields, waqf government officials and private sector institutions that are involved in waqf management. The secondary data come from the Malaysian Federal Constitution, law enactments, books, e-books, bulletins, journals, conference proceedings, government reports and websites. Findings – By synthesizing the data, it is found that return from cash waqf investment in unit trust can be used to finance 11 items of federal government expenditures. The overall process can be managed by Yayasan Waqaf Malaysia through a collaboration with an Islamic unit trust firm. Practical implications – This research shows how waqf can practically assist the Malaysian federal government in financing public goods and mixed public goods. It indirectly shows an alternative source of financing for these goods. Other economies can also learn and adapt from the model developed in this paper. Originality/value – This paper attempts to revive the function of waqf as a provider of public goods and mixed public goods from Islamic history. Inadvertently, this paper also introduces waqf as a possible fiscal tool. Emerald Publishing Limited 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/65581/1/65581_A%20proposed%20model%20for%20waqf%20financing.pdf application/pdf en http://irep.iium.edu.my/65581/2/65581_A%20proposed%20model%20for%20waqf%20financing_SCOPUS.pdf Azrai Azaimi Ambrose, Azniza Hartini and Aslam, Mohamed and Hanafi, Hanira (2018) A proposed model for waqf financing public goods and mixed public goods in Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 11 (3). pp. 395-415. E-ISSN 1753-8394 https://www.emeraldinsight.com/doi/full/10.1108/IMEFM-01-2017-0001 10.1108/IMEFM-01-2017-0001
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	BP173.75 Islam and economics HB126.4 Islamic Economics HJ1438 Public Finance In Islam
spellingShingle	BP173.75 Islam and economics HB126.4 Islamic Economics HJ1438 Public Finance In Islam Azrai Azaimi Ambrose, Azniza Hartini Aslam, Mohamed Hanafi, Hanira A proposed model for waqf financing public goods and mixed public goods in Malaysia
description	Purpose - The purpose of this paper is to formulate a model for waqf financing of public goods and mixed public goods in Malaysia which constitute the country’s federal government expenditures. The model is built on the basis of understanding the concept of waqf, learning from waqf institutions of the past and present and addressing specific Malaysian waqf issues. Design/methodology/approach – This study uses both primary and secondary data. The primary data originate from semi-structured interviews of waqf academicians from the Islamic economics and Islamic finance fields, waqf government officials and private sector institutions that are involved in waqf management. The secondary data come from the Malaysian Federal Constitution, law enactments, books, e-books, bulletins, journals, conference proceedings, government reports and websites. Findings – By synthesizing the data, it is found that return from cash waqf investment in unit trust can be used to finance 11 items of federal government expenditures. The overall process can be managed by Yayasan Waqaf Malaysia through a collaboration with an Islamic unit trust firm. Practical implications – This research shows how waqf can practically assist the Malaysian federal government in financing public goods and mixed public goods. It indirectly shows an alternative source of financing for these goods. Other economies can also learn and adapt from the model developed in this paper. Originality/value – This paper attempts to revive the function of waqf as a provider of public goods and mixed public goods from Islamic history. Inadvertently, this paper also introduces waqf as a possible fiscal tool.
format	Article
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	A proposed model for waqf financing public goods and mixed public goods in Malaysia
title_short	A proposed model for waqf financing public goods and mixed public goods in Malaysia
title_full	A proposed model for waqf financing public goods and mixed public goods in Malaysia
title_fullStr	A proposed model for waqf financing public goods and mixed public goods in Malaysia
title_full_unstemmed	A proposed model for waqf financing public goods and mixed public goods in Malaysia
title_sort	proposed model for waqf financing public goods and mixed public goods in malaysia
publisher	Emerald Publishing Limited
publishDate	2018
url	http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/ http://irep.iium.edu.my/65581/1/65581_A%20proposed%20model%20for%20waqf%20financing.pdf http://irep.iium.edu.my/65581/2/65581_A%20proposed%20model%20for%20waqf%20financing_SCOPUS.pdf
first_indexed	2023-09-18T21:33:02Z
last_indexed	2023-09-18T21:33:02Z
_version_	1777412638364401664

A proposed model for waqf financing public goods and mixed public goods in Malaysia

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