Waqf has been established in Malaysia as a social instrument that is utilised for the purpose of charity and/or religious purposes. Despite the availability of waqf assets in Malaysia through property and unit trusts, initiatives taken by individual States' Islamic Religious Councils, and the establishment of JAWHAR at the federal level to coordinate development of waqf assets, the overall utilisation, development, and reach of waqf assets in achieving its intended purposes remain low. Differing approaches taken by the individual State Islamic Religious Councils are also evident. This research paper thus proposes the establishment of a centralised waqf asset management company to manage waqf assets, taking lessons from foreign experiences such as Kuwait and Singapore, which emulate a traditional asset management company to solve the underlying issue of the underdevelopment of the waqf assets. To achieve that, the study ascertains the need for a waqf asset management company and the required regulatory and operational framework required for the company to manage and develop waqf assets through the adoption of applicable Islamic debt and capital market instruments. For the structure of the waqf asset management company, we conduct a qualitative study on the literatures surrounding waqf in general. Then, we focus on the current issues surrounding waqf management in Malaysia and recent developments in waqf financing. Finally, we review waqf management in Kuwait and Singapore and apply the understanding and structures of their waqf management for the conceptualisation of a waqf asset management company in Malaysia.

Ensuring socio-economic justice, eradication of poverty and equitable distribution of wealth are among the primary objectives of Islam. Even so, a significant number of Muslims around the world are deprived of their basic needs. The scenario only worsens in times of financial and political turbulence. There is a desperate need to find sources of funding to rescue people from their miseries and offer sustainable solutions. Zakat has great potential to meet the funding needs. This chapter argues that zakat contributions will be amplified if corporate entities pay zakat as legal persons or on behalf of their Muslim shareholders. This chapter proposes development of a zakat calculation software to facilitate corporate entities and Islamic financial institutions calculating their zakat obligations reliably. Development of such software requires Islamic finance research entities to team up with information technology experts. Prominent Shariah scholars will play the essential role of validating and endorsing the Shariah compliance of the software.