Economic Waqf Applications in Malaysia's Existing Legislative Framework: Opportunities, Challenges and the Future
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Abstract
This study was conducted to examine the implementation of economic waqf in Malaysia from the perspective of Shariah and the existing legal framework, as well as to identify opportunities, challenges and suggestions for improvement to strengthen the waqf management system at the local level. In the current context, waqf-related issues are still plagued by various constraints such as low levels of community understanding, weaknesses in the management of waqf assets, and legal inconsistencies between states in Malaysia. Therefore, this study focuses on the implementation of economic waqf by examining the views of stakeholders consisting of authorities and waqf administrators. In addition, this study also analyzes economic waqf models that have been successfully implemented in accordance with the existing legal framework as indicators of the effectiveness of the implementation. The findings of this study are expected to make a significant contribution to policymakers and waqf management institutions in formulating strategies and policies that are more effective and in line with Shariah principles in order to strengthen the role of waqf in the development of the Islamic economy in Malaysia.
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