PERANAN WAKAF DALAM PEMBANGUNAN EKONOMI UMAT ISLAM DAN APLIKASINYA DI MALAYSIA

Abstract

Waqf is a form of charity with special features that has permanence
and continuity. The beneficiaries can benefit from the waqf property
for years, generations or even centuries. The ownership of waqf is
withdrawn from the owner and returned to Allah for the benefit of
His subjects to whom the property has been bequeathed. Waqf is a
form of worship to Allah and has significant contribution to economic
development as it plays an important role as wealth redistribution
mechanism. In common tradition, properties given out for waqf purpose
are namely mosque, land for Muslim cemeteries, business premises,
agriculture lands, religious schools, etc. In the modern times, majority
of Muslim scholars accept cash waqf, share of waqf, waqf of shares
and takaful waqf as form of waqfs. This article aims to discuss the role
of waqf in achieving the hike in economic development focusing on the
human welfare among the Malaysian society. Waqf plays a vital role
in poverty alleviation, health services, education, orphanage centre,
mosques and residences for the needy society.