Proper and Effective of Waqf Share Fund Utilization and Management: A Study of Majlis Ugama Islam Pahang’s Wakaf Pahang

Abstract

Waqf is one of the most recognised procedures for Islamic money management. Alongside the charitable practices of sadaqah and zakat, the establishment of waqf serves as a mechanism for the advancement of the financial system and the ummah. It is essential to ascertain the viability of Malaysia's waqf organisation in the context of globalisation. In Malaysia, waqf can solely be utilised for religious or spiritual purposes, including the establishment of mosques, suraus, cemeteries, and other places of worship. The failure to diversify waqf funds for diverse purposes hinders the capacity of waqf to contribute maximally to society. This study aims to investigate the advantages of waqf funds for society, identify the most often utilised forms of waqf, and analyse the effectiveness of waqf funds in contributing to societal welfare. This study seeks to analyse the internal operations of MUIP, the societal benefits of waqf instruments, and the efficacy of MUIP's administration of waqf funds. Primary data will be obtained via interviews, while secondary data will be acquired through content analysis. The waqf system may be enhanced and commercialised via the development of innovative concepts and tools to foster the growth and advancement of the Muslim community. The study concentrated mostly on MUIP's utilisation of waqf money in Pahang. Future investigations examining the spending behaviours of waqf authorities across various states are plausible. These enquiries are essential to bolster initiatives aimed at improving waqf governance in Malaysia.