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Legal and Sharīʿah issues abound in creating security to finance waqf property development in Malaysia, for it involves integrating the Sharīʿah concept of waqf with requirements of Malaysian land law as well as the requirements of modern finance under civil law. Banks and financial insti­tutions will not generally finance property development without any form of security for the loan. The best type of security transaction under Malaysian land law is to create a charge on the land under the National Land Code 1965, rendering the land liable as a security which upon default of the chargor, would entitle the chargee to seek statutory remedies including sale of the land. Such may not be feasible for waqf properties due to the inalienable nature of such properties. Due to the remedy of sale of the land upon default, the same issues would arise in regard to other types of securities like a lien and a loan agreement cum assignment. There is therefore a need to diversify the available options in creating security over waqf property. What are the existing Sharīʿah restrictions on waqf property? Do these restrictions affect the creation of security over waqf lands under conventional Malaysian land law? What are the legal and Sharīʿah issues relating to creating a charge over waqf lands? What are some feasible options? Initial findings are that creating a charge on a lease of waqf land as well as resorting to a hybrid form of a traditional security transaction in Malaysia, called ‘Jualjanji’, may hold some answers. Through doctrinal legal research and content analysis, this chapter explores these issues and recommends feasible solutions.

Purpose – Differing opinions about the status of cash waqf are not new among jurists. Several studies have been conducted relating to this issue. This chapter discusses cash waqf from the perspective of certain scholars in Indonesia, the Majelis Ulama Indonesia (MUI, Indonesian Scholars Council) and the scholars of Aceh, and the fatwa (opinion) on cash waqf.

Methodology/approach – Data for this study were collected from interviews and academic literature to reach general and specific conclusions. The study was conducted in Aceh, Indonesia.

Findings – Different views exist on the validity of cash waqf between the MUI and the scholars of Aceh. The MUI has declared that the practice of cash waqf is allowable and valid, while some scholars of Aceh reject it except when the cash is exchanged (istibdal) for permanent assets.

Originality/value – MPU scholars and pondok scholars are not in agreement as to the legality of cash waqf. Pondok scholars reject the practice of cash waqf except if the money is substituted (istibdal) into a fixed asset. This is so even when many other scholars of Aceh ruled that cash waqf is still valid even if it is not converted into a fixed asset.

Using the notion of sustainable impactful strategies for waqf management, this study examines the governance and best practices on idle waqf management by the Malaysian States Islamic Religious Councils (SIRCs) in selected states like Penang, Perak and Kuala Lumpur. The waqf management of the SIRCs is also assessed based on the model framework countries such as Singapore, Kuwait and United Arab Emirates (UAE). The findings of this chapter indicate that ineffective administration and management on waqf have hindered its development and expansion in Malaysia. Also, an effective and robust governance framework based on Shariah could and should be implemented to ensure that waqf in Malaysia are managed effectively to gain socio-economic sustainability of Muslim communities. The findings of this chapter will fill the research gap on good governance and best practices in waqf administration and management as a way forward for Malaysia by providing a way forward for SIRCs and policymakers in Malaysia, to enhance the performance of waqf entity using selected other countries as model framework of good governance and best practices. Furthermore, an emphasis on good governance and best practices is important to attract waqf donors. It is imperative to note that to date, there is no qualitative study that compare the impact of good governance and best practices on the management of waqf by selected SIRCs in Penang, Perak and Kuala Lumpur to Singapore, Kuwait and UAE as model framework countries.

Health is considered as a nucleus to the life of a nation. Absence of it can create disharmony to an individual and society at large. Recent phenomena of COVID-19 pandemic outbreak which has penetrated into the lives of masses has caused major chaos and adverse effect to the health and wellbeing of people globally. No doubt that absence of health may create a magnetic wave to attract abundance of funds for the purpose of mitigating or dealing not only with such pandemic, but for other types of diseases that emerged as well. This is partially because wealth and health have an interrelationship that is hard to separate. This chapter primarily aims to discuss on how Islamic ethical wealth, i.e., waqf has the potential to influence the good health and wellbeing of people. Specifically, this chapter aims to provide a new model of waqf instrument to realize the concept of Islamic ethical wealth. The concept of fairness and justice in Islamic ethical wealth is used in this chapter. Such concept is crucial in distributing wealth and resources for the betterment of health and wellbeing of the masses. This chapter provides solution and suggestion to uphold the primary ethics in wealth through waqf system.

This chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic finance does not achieve its objective as being a social finance is proved to be false as Islamic finance not only promotes profit maximization, but it has also the potential to achieve social objectives. Islamic commercial finance developments could be slower, but it is anticipated that Islamic social modes of financing will be used widely even by multilateral agencies to assist the communities who need help in this pandemic. The most important lesson one could learn from this pandemic in relation to Islamic finance is that Islamic finance is truly different from conventional finance and as such, it needs a unique legal, regulatory and governance framework to display the true potential of it.

This chapter examines corporate social responsibility (CSR) practices by Islamic banks (IBs) in Bangladesh and to identify how these initiatives impact on citizens in a positive and a productive manner without compromising the ethics and values. CSR data and the information of seven IBs in Bangladesh were considered to analyse sector-wise CSR expenditures, as well as in the specialised areas focussing on religious values, from 2007–2010. Results indicate that most of the IBs are committed to CSR practice. This may motivate conventional banks to spend more on CSR to compete with their counterparts. Consequently, the total inflow of resources from the banks towards social wellbeing may also increase. The study finds that IBs share some common areas in conducting CSR activities similar to their conventional counterparts. IBs are also engaged in some additional areas due to their mandatory compliance with the shari’ah. The study finds a significantly increasing trend of CSR expenditures and engagements by IBs.