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Viability of cash waqf-linked sukuk in Malaysia

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dc.contributor.authorSherin Kunhibava
dc.contributor.authorAishath Muneeza
dc.contributor.authorZakariya Mustapha
dc.contributor.authorMaryam Khalid
dc.contributor.authorThong Ming Sen
dc.date.accessioned2024-03-31T09:11:40Z
dc.date.available2024-03-31T09:11:40Z
dc.date.issued2023
dc.description.abstractThis research examines cash waqf-linked sukuk (CWLS) and ascertains its viability in Malaysia under the relevant legal and regulatory frameworks of waqf (Islamic endowment) and sukuk (Islamic investment securities). This is explored with a view to a possible implementation of CWLS in Malaysia by Islamic social and commercial finance institutions. The research adopts a qualitative methodology and uses content analysis in synthesising relevant data to determine the viability and prospects of CWLS in Malaysia. Semi-structured expert interviews were conducted, and data obtained therefrom was analysed alongside published literature on CWLS to identify issues in the applicable waqf and sukuk legal and regulatory frameworks that pertain to CWLS viability. The combination of cash waqf with sukuk is potentially an impactful financing mechanism for mobilising funds whereby charity is linked with productive and income-generating economic activities. CWLS facilitates the development of alternative social financing instruments that expedite social welfare and economic revival in the aftermath of the COVID-19 pandemic, as Indonesia demonstrates. However, Malaysia's waqf legal and regulatory framework have established a decentralised system of waqf administration, which may impede the efficacy of the structure and operations of CWLS in the country. Hence the research proposes a reform of the framework to enable the establishment of a more capable and viable CWLS structure for digital, retail and institutional investors. This research discovers hindrances to the prospect of CWLS in the legal, Shari'ah and regulatory dynamics of waqf and sukuk in Malaysia that previous studies overlooked. This research provides an in-depth understanding of challenges to CWLS' implementation in Malaysia with invaluable insight for regulators, policymakers, practitioners and researchers, thereby contributing to practical knowledge in the area.en_US
dc.identifier.citationKunhibava, S., Muneeza, A., Mustapha, Z., Khalid, M., & Thong, M. S. (2023). Viability of cash waqf-linked sukuk in Malaysia. ISRA International Journal of Islamic Finance, 15(4), 25-44. https://doi.org/10.55188/ijif.v15i4.530en_US
dc.identifier.doihttps://doi.org/10.55188/ijif.v15i4.530
dc.identifier.issn2289-4365
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/4031
dc.languageEnglish
dc.language.isoengen_US
dc.publisherISRA Research Management Centre, INCEIF Universityen_US
dc.rights2023. Sherin Kunhibava, Aishath Muneeza, Zakariya Mustapha, Maryam Khalid and Thong Ming Sen
dc.sourceSEDONA
dc.subjectCash waqfen_US
dc.subjectMalaysiaen_US
dc.subjectSocial financeen_US
dc.subjectSukuken_US
dc.subjectViabilityen_US
dc.subjectWaqfen_US
dc.titleViability of cash waqf-linked sukuk in Malaysiaen_US
dc.typeJournal Articleen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic wealth managementen_US
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