EXPLORING THE FEASIBILITY OF WAQF UNIT TRUST IN MALAYSIA

AHMAD BIN KHALIQ, AHMAD (2020) EXPLORING THE FEASIBILITY OF WAQF UNIT TRUST IN MALAYSIA. Doctoral thesis, UNIVERSITI TEKNOLOGI MALAYSIA.

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Abstract

The research stimulus arises due to apprehension on the current state of Waqf industry development in Malaysia. Waqf institutions overtly were the anchor and self-sustained economic apparatus of societal welfare in Islamic history. However, numerous literature revealed that current Waqf industry development in Malaysia is predominantly subsistence by the government allocated grants in requisite for development. Thus, this constitutes a potential menace on the durability and sustainability of Waqf development as the government bequests for the Waqf sector have been noticed to shrink over the years. Henceforth, the purpose of this research is to explore through the literature on present Waqf financing and elucidate censure on it. The first division of the research examines the factors that motivate towards the expansion of Waqf institution in Malaysia. Secondly, the research discovers how to develop an alternate Waqf model in fostering liquidity. Further, the third objective explores the perceptions of pertinent stakeholders on the feasibility of the Waqf Unit Trust (WUT) model proposed. Last but not least, the potential issues and challenges in the execution of the model proposed are explored. In addition, deliberation made in compliance with the Security Commission of Malaysia (SC) guidelines while at the same time adhering to Shariah requisite. The research employed the interpretive paradigm and qualitative methodology. In-depth interviews were conducted with 16 Malaysian experts comprise of key executives affiliate to Waqf institutions, State of Islamic Religious Council officers, academicians, fund managers, and key management personnel of the regulatory body of Malaysia using a semi-structured interview guide. The data were analysed with statistical software NVivo 12 as well as manually to enhance the results. Results are presented in constructive style, an interpretive, and inductive approach using qualitative-thematic analysis. The findings designate that unified factors stimulus the expansion of Waqf institution in Malaysia. The factors comprise awareness, cooperation, efficient management, governance and strategies. Interesting insights in exploring the alternate Waqf model found that acknowledgment, product development, and product structure were the critical subject of discussion. While analysing the traditional and modern apparatus of financing, the research elucidates that the needs for alternate financing model were palpable and crucially perceived significance by the majority of respondents. Both viable and unviable discussions are crafted, focusing on the exploratory towards the stance of pertinent stakeholders’ on the aptness of the proposed model. While examining the issues and challenges in the execution of the WUT model, a number of scopes emerge, such the accountability, cognizance, distribution allocation, regulatory, talent, and variant view among Waqf stakeholders. This research pioneer comprehensive investigation to expand and manage Waqf funds through the Unit Trust investment apparatus. The research provides novel evidence on policy recommendations to regulators, government, investors, firms managerial, and academicians. It expects to act at the optimal utilization and distribution of Waqf funds for greater economic health and simultaneously as a remedy to eradicate socio-economic issues confronting the global economy.

Item Type:	Thesis (Doctoral)
Subjects:	H Social Sciences > HG Finance
Divisions:	Universiti > Universiti Teknologi Malaysia (UTM)
Depositing User:	Encik Mohd Zulkarnain Hassan bin Mohd Zainudin
Date Deposited:	16 Jan 2026 09:58
Last Modified:	16 Jan 2026 09:58
URI:	https://repositori.mohe.gov.my/id/eprint/149

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