Islamic Wealth Management and Issues in Waqf Management in Malaysia

Islamic Wealth Management and Issues in Waqf Management in Malaysia

Shamsher Mohamad (INCEIF, Malaysia) and Mohamed Ariff Mohamad (Sunway University, Malaysia)
DOI: 10.4018/978-1-7998-1245-6.ch012

Abstract

This chapter briefly examines ideas from Islamic wealth management and waqf concepts to see if there are ways in which human welfare can be better managed on a community-action level without the visible hands of the government. To do this, authors first examine the concept of Islamic wealth management, and then provide some discussion on how waqf assets already in place in all Islamic countries could be mobilised to meet the needs of communities for sustainable economic development as well as fairer ways of looking after the needs of the have-nots of societies.
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2. Faith-Based Policy For Human Welfare

Let us turn our attention to an Islamic practice on welfare for over 1400 years. Education, health and old-age care have been taken care of by the simple principle of each believer voluntarily giving each year an amount equal to 2.5% of income earned in working periods as alms (zakat) to finance the welfare burden. This is a useful concept to bring back in the management of fiscal policy.

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