Optimization of Philanthropic Waqf The Need for Maqasid-based Legislative Strategies – Dr. Mek Wok and Dr. Sayed Sikandar Shah
Abstract
Waqaf institution was most central in financing socio-religious and public welfare systems during the early days of Islam. More importantly, the contribution of philanthropic waqf effectively sponsored and maintained the social welfare of the Muslim Ummah. Gradually, however, the creation of this type of waqf degenerated and today, by and large, the waqf consists of religious kind. Accordingly Muslim economy lost one of the most essential tools in the area of public financing. To remedy this situation, we believe that we not only need to rethink of the regulatory cum institutional structures but also to seriously earmark jurisprudential strategies for the revival of waq khairi. Accordingly, in this paper we primarily focus on this issue with the purpose of identifying some practical legislative measures relevant to the Malaysian context.