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This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on Musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia.

The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establish a SRI sukuk model, the paper also studies the cases of the first SRI sukuk issued in Malaysia and other waqf-related sukuks that have been structured for the development of waqf property/asset in the past. Following that, the opinion of subject-matter experts and industry practitioners on the proposed SRI sukuk model is sought in a semi-structured interview.

Based on the interviewees’ response, the study proposes the most feasible SRI sukuk model that could be implemented in the Malaysian context for the development of waqf properties/assets, which is a Musharakah-based sukuk model. The model will be elaborated based on the purpose of development, functionality, choice of Shari’ah contract, obligor and return mechanism.

This paper is exploratory in nature. While it explores the structural point of view only, future research could analyse and identify the legal, regulatory, financial and Shari’ah aspects of the proposed model. Further empirical studies can be done to provide more comprehensive idea and knowledge regarding the subject matter.

The study serves great benefit to the government, waqf administrators, regulators, policymakers, foundations, corporations and interested investors to explore SRI sukuk as one of the feasible financial instruments to develop waqf in Malaysia.

This study proposes the use of an innovative financial instrument called SRI sukuk and structures a feasible SRI sukuk model to help realise the true roles of waqf as not only a religious tool but also one of the instruments for human, economic and social developments.

The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.

Using judgemental sampling, a total of 275 waqifs participated in this work to identify their preference in donating their money to the facility should it is introduced. Using the developed waqf-based qardhul hassan scale (WAQASCALE), this study examined the preference accordingly. Data were analysed using IBM SPSS 27.

The results obtained were as follows: the first factor considered by the waqifs in donating money was perceived household well-being, followed by perceived recipients’ welfare, perceived mankind benevolence and perceived Muslims’ community security.

The authors developed construct items that had generalisability issues as they were at the infancy stage of development among social finance scientists along with the narrow geographical constraint where the actual survey was conducted.

The results were useful in giving new guidance to state governments and Islamic banks (IBs) in Malaysia to explore further this sort of facility for the improved well-being of those affected by COVID-19. Besides, sustainable development goals (SDGs), such as poverty, hunger and responsible consumption, among others can be addressed effectively for the mutual well-being of those affected by the health crisis in an effort of combating financial hardships in the meeting of basic needs, at least. The partnership between the state government and IBs could lead to the offered qardhul hassan financing-sourced funding from waqf for reduced financial hardships by needy and poor folks.

This study introduced a new WAQASCALE in the context of qardhul hassan financing in Malaysia.

Waqf played a powerful Islamic social finance instrument throughout Islamic history. However, the popularity of waqf declined in recent years. It is essential to understand the past research, the research gaps and the waqf’s ignorant research areas within the existing literature to enhance the waqf system. Therefore, this study aims to carry a detailed analysis of waqf research development with a careful evaluation of the scientific panorama’s different aspects inherent in Islamic business and social finance.

Scientometrics is a discipline that studies the quantitative characteristics and characteristics of science and technological research, technology and innovation. This research’s string includes waqf as a reference in the “Article title, Abstract and Keywords” based on Scopus from 1990 to 2020. The analysis was conducted in December 2020. The Bibliometrix R Package, VOSviewer and Excel’s software are used to analyse the collected data and apply the bibliometric analysis.

The findings derive that waqf research can be categorized into three sub-areas, such as the research on waqf fundamentals, analysis on cash waqf and research on various waqf applications in Islamic social finance. Even though there is some essential or fundamental research in waqf, these are not good enough for such a powerful Islamic social finance instrument. This study finds research gaps in the existing waqf literature and presents nine future research directions.

To the best of the authors’ knowledge, this paper is the first to examine waqf’s existing literature with bibliometric analysis. The results and the recommended possible research areas can help scholars and researchers to carry future research to enhance the scientific development of Islamic social finance and provide alternative instruments to eradicate poverty in societies.

Productive waqf is one type of ethical business/investment, which should comply to Islamic law, with so many models to choose from. The purpose of this study is to determine factors of simple productive waqf, propose several simple productive waqf models and select the best simple productive waqf models appropriate to be adopted by waqf institution in Indonesia.

This study applies the analytic network process, including field survey, focused group discussion and in-depth interview, with two groups of respondents, namely, expert and waqf practitioner.

The results show that the determinants of simple productive waqf in Indonesia are the waqf institution, productive waqf asset to be developed, how to finance the productive waqf, how to manage the productive waqf and the compliance of productive waqf. Proposed productive waqf models include cash-waqf and self-managed model, Islamic bank financing and self-managed model, Sukuk and external partnership model, cash-waqf and external partnership and cash-waqf + co-financing and external partnership. Moreover, the best simple productive waqf model is cash-waqf and self-managed model, followed by cash-waqf and external partnership, where they could achieve the most in all socio-economic variables, well-being compliance and moral/ethics within the theory of unity of knowledge, Tawhid.

The simple productive waqf models proposed are not exhaustive, since there are so many variations of the model. Moreover, the case and respondents are all Indonesian, so that the results are possibly only applicable to Indonesia.

To increase the probability of successful productive waqf development, waqf institutions could apply cash-waqf and self-managed model first, while other models could be applied in staged in line with waqf institution experience.

The successful development of productive waqf could increase the social programs provided by waqf institutions to the society.

Productive waqf development is desperately needed due to many unproductive waqf lands in Indonesia, while studies have been limited, and there is no study discussing the productive waqf model appropriate for Indonesia.

The problem of poverty in the Muslim world has been posing multi-faceted challenges to the life of individuals and the relations of people. Although this problem has been gaining scholarly attention and raised in relation to various issues ranging from social injustice, rampant corruption, societal instability, wide social polarization and insurgent movements that affect the regional peace and stability at large, neither effective economic mechanism proposed nor implemented to address the problem effectively. In this regard, it is also important to appreciate the recent initiations in the field of Islamic economics to present an optional view to the existing and alien economic models in the Muslim world. Therefore, the purpose of this study is to fill up this research gap by proposing a model of mobilizing funds through the global cash-waqf institution.

The study adopts content analysis to construct this global cash waqf model for poverty alleviation in Muslim countries.

The “global cash-waqf model” was proposed as an alternative that could be implemented and used to overcome the poverty matter in Muslim countries. It is assumed that the model will facilitate the fund mobilization among Muslim countries, which in return is going to assure full distribution and redistribution of wealth to eradicate the poverty in the Muslim world. The model was structured with a global vision in both the collection side and the distribution side.

The model will facilitate the fund’s mobilization among Muslim countries, which in return achieves an Islamic goal of distribution and redistribution of wealth to assure the well-being of all humanities in the society.

The purpose of this paper is to implement the istibdal waqf concept using a geographical information system (GIS) for the benefit of socio-economics and Muslim cemetery waqf management. GIS is a technique that provides clearer, precise and faster access to a location based on actual space data. It attempts to analyze the area that one wishes to develop to establish whether it fulfills the criteria set for istibdal.

This research was conducted qualitatively. The study begins with the development of the concept of istibdal waqf and the concept of GIS. The concept was developed by conducting a literature review of books, articles, newspapers, fatwa and circulars related to istibdal waqf and GIS. After the concept was formed, field studies were conducted on two mosques, namely, Jamek Jelutong Mosque and Masjid Jamek Sungai Nibong because both mosques have gravesites located within their compound. To obtain information on the problems faced by the mosques Jemaah community, researchers have interviewed the Mosque Committee Members and Jemaah Community in both mosques using the unstructured interviewing method. This process is essential in managing both material and spiritual for sustaining socio-economics of the society.

The results showed that by applying GIS technique could identify new land locations according to the criteria set by istibdal. Additionally, new location environments found through the GIS application can be viewed more clearly and accurately than using the manual method. The findings also revealed that some of the mosque managers and the heirs of the waqf grave land were not open-minded in accepting the istibdal concept of the grave that had been allowed by the Syarak until the process of expanding the mosque was affected. The study also found that the maslahah consideration was considered between doing istibdal waqf and not doing istibdal waqf, the maslahah of doing istibdal waqf is greater because general (umum) maslahah should be prioritized compared to the special (khusus) maslahah. In addition, this effort can appreciate the morality and ethics of waqf donors to donate their wealth or properties for benefit of society.

This study only focuses on Muslim cemetery waqf in Penang Island.

This study is expected to benefit both material and spiritual where Muslim cemetery site can be developed for expanding mosque site and consequently able to accommodate the increasing of Muslim using the mosque.

This study proposes the transformation of the concept of istibdal waqf from the traditional methods to modern and advanced methods using the GIS application. The study also demonstrates how the software for solving the real problem can be used, i.e. the problem of a limited mosque space for sharing space with a cemetery in Penang.

The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons that can be learned for the Islamic finance industry to fulfil its true objectives.

The Peterborough SIB was recently announced to be successful in achieving its targeted social and investment outcomes, reducing recidivism by 9 per cent and paying back investors a 3 per cent pa return. The paper compares Peterborough SIB with socially responsible investment (SRI) sukuk in terms of form and substance, and finds that there are various lessons from the Peterborough SIB that can be useful for future development of Islamic financial products.

Innovative social financial tools such as SIB exemplify the true spirit of risk sharing and social responsibility, which is arguably missing in current practices of the Islamic finance industry. With the growing interest towards SRI strategies and increase in socially motivated investors, such financial tools may not only help the sustainable growth of the Islamic finance industry, but also fill in the gap between its theory and practice.

As such, the paper also proposes a social impact sukuk model which integrates the key aspects learned from Peterborough SIB. This includes prioritising social impact, measurable success indicators, data and management systems, flexible contracts, third sector integration, risk sharing and fostering the culture of innovation.

The findings can offer some practical insights in dealing with the issue of Islamic finance practice being overly concerned with its formal adherence with Islamic legal rules whilst neglecting its true fundamental values.

This study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and encourage new donors to establish waqf.

A qualitative methodology was employed to analyse the data through deductive and field research methods. For field research, this study conducted semi-structured interviews with the Waqf Corporations and Mufti's Department in the selected states within Malaysia.

Results drawn from the interview's findings are that creating family waqf in Malaysia is hindered by several obstacles, including family waqfs not serving the public interest but rather their descendants, and family waqfs have been practised in perpetuity. Besides, inefficient management of family waqf and a lack of an effective mechanism and parameter exists. Therefore, this study presented a conceptual framework for a temporary cash waqf model for family waqf along with the parameters that can be used to implement it. The temporary waqf is a strategy to develop waqf property and the interests of creators, beneficiaries and trustees. Temporary waqf merged into the family waqf yields benefits to the family waqf.

Because of Malaysia's Waqf Regulation and Administration, this study was confined to selected states. This study has broadened the scope of temporary family waqf, including moveable, immovable property and cash waqf.

This study presented a temporary waqf model for family waqf as a realistic mechanism and criterion for its practical implementation in Malaysia.

This study could encourage new donors to establish waqf.

This study’s novelty lies in its attempt to highlight the importance of the temporary waqf model as a practical mechanism with holistic principles for its implementation in Malaysia to benefit the donors, their families and trustees. In addition to family waqf, numerous temporary waqfs may be established, in which the income or usufruct is shared proportionally, such as charitable waqf (waqf khairi), private waqf (waqf khas) and joint waqf (waqf mushtarak).

The purpose of this research is to introduce an innovative framework called the waqf cooperative housing framework (WCHF), with an objective to create a synergistic equilibrium between waqf and cooperative housing schemes. To tackle problems related to the dearth of financing, this research postulates an innovative waqf-based source of finance that involves generating revenue from common areas (waqf area) within the vicinity of the condominium.

Primary data were collected through interviews and the data were analysed using the NVIVO software. The interviewees comprised managers from property development sectors, public sector officials, university lecturers in Islamic finance, CEOs, top management officials from Islamic financial institutions, community leaders and shariah scholars.

A framework was proposed based on the result of the interviews. It was found that innovative models such as WCHF can resolve the issue of affordable housing in Karachi such as decreasing the financial burden on the public exchequer, bringing positive change to the lives of the poor, fulfilling the property developer’s corporate social responsibility, fulfilling the religious duty of the general public and condominium owners towards their fellow beings as well as creating new employment opportunities for people who are working in the financial sector (waqf management companies/trustees) and the construction sector.

Even though this study has introduced an innovative and practical solution to the financing of affordable housing, it also encountered some limitations. First, it is conducted in Karachi city involving six group of respondents; thus, the findings cannot be generalised with other contexts. Similar research needs to be conducted in different contexts.

To date, this is among the first studies, to the best of the authors’ knowledge, to investigate cooperative affordable housing with the help of innovative Islamic finance tools in the context of Pakistan. Furthermore, insufficient attention has been given to the enabling and hindering factors behind the acceptance of a framework that seeks to initiate a cooperative scheme based on an innovative waqf financing tool that generates revenue from common areas around a condominium.

This paper aims to compare and contrast the concept, mechanism and functions of the two socio-economic institutions, i.e. waqf (Islamic trust) and English trust. It endeavours to juxtapose the salient features of waqf and trust with an objective to examine the nature of similarities and dissimilarities between the two institutions.

This paper applies the socio-legal research methodology and uses qualitative paradigm to analyse the literature. The paper is based on a desk-based research.

This paper finds that there is nothing intrinsically rigid in the jurisprudential paradigm of waqf which might impinge upon either the efficiency or effectiveness of the waqf vis-à-vis trust. The main findings of the paper are encapsulated in underlining certain Shariah principles which essentially hold waqf from transforming into a trust-like secular institution.

This paper compares the jurisprudential underpinnings and conceptual frameworks of waqf and trust, and it does not evaluate their efficiency or effectiveness in empirical terms. The underlying socio-economic efficiency and impacts of the two institutions can be examined empirically in separate comparative case studies.

This paper examines and critically analyses the different socio-economic implications that waqf and trust entail for the societies in which they function. This analysis is important for the policy recommendations towards protecting the religious identity of waqf while re-structuring its models.

The main contribution of the paper is encapsulated in the critical analysis of how the paradigms of the two institutions, i.e. waqf and trust, which appear similar in form but differ in the substance, are shaped and governed.