ABSTRACT
Awqaf properties in Malaysia have evolved over the years, from being in the nature of consumptive immoveable properties used for religious purposes like madrasahs, mosques and cemeteries, into productive and mixed-use type real estate properties, like hotels, office buildings and commercial type properties. The 2007 national fatwa permitting cash waqf in Malaysia brought about diversification of awqaf properties through the introduction of several cash waqf schemes by local banks, federal agencies as well as State Islamic Religious Councils (SIRCs). Further developments were seen with the development of the concept of ‘corporate waqf’ and waqf shares as well as innovative awqaf products in the takaful sector and the Islamic capital market. Another significant development occurred in 2015 with the introduction of the Labuan International Waqf Foundation (LIWF) by the Labuan International Business and Financial Centre (LIBFC). Through qualitative research and content analysis, this chapter traces these developments in Malaysia through the lenses of governance, reformation and transformation. Some of the issues that will be touched on are whether the regulatory framework for waqf in Malaysia has moved in tandem with these developments, innovative use of waqf for financial inclusion, as well as the intersection between waqf and the law of trust, if any and the use of online platforms to collect waqf funds.
