Managing and enhancing the waqf properties in the conservation zone in Georgetown-Penang

Abstract

To be independent, autonomous and self-reliant, the Waqf institution needs to keep its assets based on income-generating. Unfortunately, the neglect of Waqf for the last two centuries has resulted in a great number of underdeveloped and abandoned Waqf properties in various Muslim nations. In Malaysia for instance, thousands of acres of Waqf lands and properties are idle, underdeveloped or underutilized. Due to these anomalies and vacuum, the complexity of the concept of Waqf and the pigeon holes of financial and legal institutions, a solution to the problem of Waqf development still remains an illusion. On the basis of these illusions surrounding Waqf, further research on the original roles and functions of the Waqf properties should be carried out with the aim of improving the Waqf system according to Islamic guidelines and approaches. This study focused on how to improve and develop the Waqf especially in lands and how they should be well managed and enhanced. To achieve this aim, theoretical and empirical studies earlier conducted about the relevant topics and references to the Islamic Waqf will be reviewed. It is believed that, an insight into the theories will provide the basic understanding of the subject matter to help in determining the key elements of ideal Waqf properties. Determine the current issues of the Waqf properties in the heritage zone in the area will be explained in order to enable readers to further understand the study. After that, general solutions to develop and support the Waqf property would be provided. Apart from that, the study will also show new methods in the financial markets which work with the Islamic law (Sharia) and can be applied on the developing and enhancing of the Waqf properties. In collaboration with the development, few successful ways of management and new methods of it will take place. Lastly, a general finding and conclusion on the Waqf property in the heritage zone in Georgetown will be presented.