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Nur Azlin Ismail2

Ismail Omar, PhD
Universiti Tun Hussein Onn Malaysia

Mohd Noor Ropiah Abu Bakar

UDA Holdings Berhad

Recently, the well accepted of waqf has contributed a
tremendous development of waqf mechanism globally.
The new leap of Malaysia in waqf practising had shown
the changing of mauquf from donating real estate to
contributing cash. Thus, it seems that there is a need to
institutionalize the financial mechanism in facilitating the
Malaysia waqf development. This paper offers an insight
of theoretical and practical consideration in establishing
the waqf bank in Malaysia. The needs of the
establishment were explored through the role and
opportunities of the financial institution in current Malaysia
waqf context. The paper also tries to highlight the
unfavourable scenario of waqf environment that need to
be taken into consideration in designing the waqf bank in
Malaysia. The findings from this study will portray the
missing link between waqf and banking in Malaysia within
the current context.
Waqf, Waqf Bank, Institutionalization, Banking Institutional

Paper presented at 5th Global Waqf Conference Pekanbaru Indonesia,16-18 October 2017
Corresponding author

After more than 30 years, Malaysia Islamic banking and finance (MIBF) is
experiencing a rapid financial ecosystem growth. Interestingly, The Malaysia
Reserved3 revealed Islamic banking market share had increased from 7.1% in 2010
and reach 28% in 2016, yet, its growth rate dropped from 24.2% in 2011 to 8.2% in
2016. Thus, it reflects, new opportunities need to be explored for the growth
sustainability. On the other hand, most prominent waqf scholar and practitioner
proposed there is a need of establishing a waqf bank in Malaysia (Ab. Aziz & Yusof,
2014; Lahsasna, 2014). In fact, waqf has been put forward as the Global Islamic
Finance agenda in 2016 as an effort to create a shared prosperity and reaching the
Sustainable Development Goals (SDG).


Waqf is a well-connected philanthropical society with much greater functionality
in comparison to other voluntary institution in Islam (Ali and Khanom 2014; Saifuddin
et al. 2014; Masahinaa and Kijas 2012; Islahi,1996). It is neither religious nor a
charitable instrument. The benefit of waqf is that it goes beyond to include the social
and economic end. Hence, it urges waqf to be a vision as an effective socio-economic
capital structure. Chowdhury, Shahedur, Ghazali, & Ibrahim, (2011) asserted waqf
need to be managed with structured management system underlying the total
guidance of the Islamic tenets. Consequently, an investment company or banking
institution are the two-possible organizations that are fit to address the waqf character.
Gundogan & B.G (2014) claimed banking is a debt-based monetary system (DBMS),
an unjust mechanism that help banks create money out of nothing through the
Fractional Reserve System (FRS). Nevertheless, banking is still dominant as it able to
provide a full range of products and services as well as an access to the regional and
capital market4. Its regulated services also would become an effective marketing
strategy. Thus, integrating waqf with Islamic banking institution will might create a
more impactful result 5.

Looking at the Ottoman history, the establishment of cash waqf institution from
13th to 20th century is the pioneering of waqf bank chronicle. The cash waqfs were
managed in fulfilling the needs of the society together with the endowments conditions
(Cizakca, 1995). After the long discussion on the legitimacy of cash waqf, zdemir &
zdemir (2015) noted several modes that were used in the Ottoman cash waqf
operations such as Mudaraba, Murabaha, Bidaa, Muamele-i eriyye / bey'ul-'yne,
Qard al-hasan, and Istilal. As a result, Ottoman cash waqf had become a resilient

The Malaysia Reserved dated August 21, 2017
Interview with Director of al akhyar Education Group, Dorset Hotel Putrajaya 31 July 2017
Islamic Financial Services Board (IFSB 2015)

financing source for the entrepreneurs, merchants and craftsmen for a long time. If
their operations look like the modern interest-free Islamic financial institutions, do we
still need an independent waqf bank? Baharuddin & Taufiq,( 2014) argued the Islamic
banking industry nowadays only focus on a small" group who could grant a collateral
for their loan. Meanwhile, Mohammad, (2011b) affirmed majority of the poor in Muslim
countries are unattended by the current banking system. The extension of Muslim
jurists on the validity of cash waqf and the permissibility of waqf bank is crucial. Even
most studies also highlighted the huge potential of the cash waqf donations and
proceeds to form as the capital for waqf bank. This paper tries to highlight the
readiness of Malaysian environment towards the establishment of waqf bank
theoretically and practically


Mohammad (2011) alleged waqf bank is not violating the Shariah principles
since almost all waqf issues are ijtihadi. Hence, the waqf bank operation and utility is
permissible on grounds. Technically, there are three banks that fit in under the name
of waqf bank; first is the Vakflar Bankas a reborn of Ottoman cash waqfs that has
been incorporated in 1954 with a different organisational structure (Cizakca, 2004).
Although, its initial objective was managing the cash revenues and expenditures of
certain governmental charitable foundation but currently the operation of this bank is
similar with other conventional bank in Turkey6.

Second one is the Grameen Bank a social investment bank limited (SIBL)
which focused on waqf- based micro financing. The founder, Muhammad Yunus
started this contemporary group lending microfinance initiative in 1970s. Grameen had
innovated fourteen different microfinance models to service clients without collaterals
(Ashta, Couchoro, & Musa, 2014). Although it seems that Grameen would suffered
high risk of default and bear high transactions cost, surprisingly, the loan repayment
rate of Grameen Bank is 98 percent and its gaining a profit by providing small loans
and saving on a large scale since 1980s(Ullah & Haq, 2017)

The third waqf bank that existed is Vakif Participation Bank (Vakif Katilim) which
launched on 26 February 2016 Vakif Katilim has already established 44 branches in
24 provinces across Turkey7. This first Islamic bank for Waqf foundations was the

Vakiflar Bankasi Resolution Plan 2014
During the visit of The President of Islamic Development Bank (IsDB) Group, Dr. Bandar Hajjar, ON 24 May2017

collaboration effort between Turkey General Directorate of Foundations (GDF) and
Islamic Development Bank thru the start-up capital provision. Vakif Katilim is
categorized under participation banking in Turkish banking structure. Generally, the
function of participation bank is similar as deposit bank but its collecting and lending
methods of funds would be different8.


The idea of establishing a bank to support Malaysia Waqf development was
initially articulated by the former Malaysia Prime Minister Tun Dr. Mahathir Mohamad
in 20059. He had highlighted the need of having a specialized bank that could support
a strategic waqf movement and facilitate the waqf institutionalization so that waqf could
play a vital role in socio-economic growth. On top of that, Lahsasna (2014) asserted
waqf should be added and structured as another market segment in the current Islamic
financial markets Therefore, waqf market will be regulated by the purview of the central
bank and the securities commission together with the Majlis Agama Islam Negeri
(MAIN) He also added by having this structure, the waqf market would be opened to
the private entities to have the right in establishing waqf entity business operations.
Their business operations would be under their own management subject to the
licensing granted by the regulatory body.

4.1 The supporting banking Environment

After more than 30 years, Malaysia Islamic banking and finance (MIBF) is
experiencing a rapid financial ecosystem growth. Thus, it reflects, new opportunities
that need to be explored for its growth sustainability. Malaysia has a very
comprehensive market place together with a sound legal infrastructure that could
accommodate the waqf market. On top of that, the readiness and willingness of
Malaysian government and regulators embarking on amendments and improvement
would facilitate a new platform to welcome the waqf market. Being acknowledged as
a hub in Islamic finance also will attract many high net worth international market
players to invest in Malaysian waqf products and services in the waqf market. The
availability of Islamic finance and Shariah expertise and talent will also support the
Malaysia waqf market



Was spoken during Islamic Development Banks (IDB) 1440H Vision deliberations March 2005

4.2 Roles and Opportunities of Malaysia waqf bank
The developments in the waqf sector in Malaysia is encouraging. Therefore, it
seems, an ill-timed waqf collections system and management does not match with the
current development of technology and digital lifestyle of Malaysia. On 8 September
2017, six Malaysian Islamic banks have formed a waqf fund consortium to allow the
banking customers to contribute cash waqf through their banking channels. Is it fair
enough or should Malaysia introduce waqf window banking or even the full pledge of
waqf banking? This paper discusses, several current scenarios that explain the roles
and opportunity of the waqf bank. (perhaps)

4.2.1 The well acceptance of cash waqf

The acceptance of cash waqf as an accessible medium in Malaysia could also
be an opportunity in establishing Malaysian waqf bank. Most of the Majlis Agama
Islam Negeri(MAIN) have established their cash waqf instrument10. Thus, the
tremendous growth of cash waqf has urge waqf asset management and administration
to replicate the corporate culture of accountability, good governance and
transparency. In fact, to incorporate this culture, several MAINs had been put in place
to collaborate with local banks.Example of such partnerships are Bank Mualamat with
Perbadanan Wakaf Selangor (PWS- the wholly owned company by Majlis Agama
Islam Selangor (MAIS)) and Malayan Banking (MAYBANK) with Majlis Agama Islam
dan Adat Melayu Perak (MAINPp). By having such a partnership, the waqf fund are
managed by the high skill and expert personnel that could leads to increase the public
confidence and number of cash waqf donors.

On the other hand, another justification of waqf bank establishment is the

lucrative nature of cash waqf collection by the Malaysian universities. One of the shift
in Malaysia Higher Education Blueprint 2015-2025 is generating income. Thus, nine
Malaysia universities had already launched their waqf fund. To date, the Higher
Education minister had announced, the total waqf fund collected from the universities
had reached RM 21.6 million11.Yusof, Yusof, Hasarudin, & Romli, (2014) reminded
those entities that are involved with waqf and infaq need to employ an enterprise
system that accomplish their waqf revenues management and conduct the online
transaction mechanism. Is banking the appropriate system that could accommodate
this function?

Cash Wakaf MAINS, Cash Waqaf MAIK, Cash Wakaf MAIDAM, Cash Wakaf YWM, Wakaf Fund MUIP, Wakaf
Fund Penang, Wakaf Fund Perak Ar Ridzuan, Wakaf Fund MAIWP, Wakaf Fund MAIM, Waqaf share Selangor,
Wakaf Share Johor, Wakaf fund Johorean as well as Infaq lil waqf ANGKASA.
Noted by Muhammad Ali Don at Seminar Pembiayaan dan Pembangunan Wakaf Institut Pengajian Tinggi
(IPT) in Universiti Malaya23-24 May 2017.

4.2.2 Abundant numbers of unimproved waqf land
In Malaysia, the Waqf Land Transformation 2015-2030 provides guidelines and
projects that waqf land development in Malaysia would be stimulated succinctly. In
2015, the report highlighted that only 12 per cent of 30,000 hectares of waqf land had
been improved and developed successfully. The rest 88 per cent is left undeveloped
and remained scattered throughout the country. Three difficulties of waqf property
development were identified; legal and administrative, economic and financial and
socio-political elements of waqf land supply constraints (Omar, 2015; Omar & Md
Yusof, 2014).

Omar & Ismail(2016) claimed the financial rules in securing fund for
development from banks and financial institutions had dampened the initiatives to
develop waqf land. This is because the nominal value of waqf land is 0 which mean
waqf landt is not a security for collateral. Thus it hindered the waqf lands development
investment facility and markets which affected the waqf land remain underutilized
(Tahir, 2008 ;Chowdhury et al., 2011).. Most of the current waqf land developments
are funded by cash waqf, government funding (waqf irsod), Built operates and transfer
(BOT) or joint venture (JV) In fact, in the case of Wakaf Setee Aisah(JV) project, the
appointed contractor used their internal financing of approximately RM24 million to
fund all the development project cost. The question is how many parties are willing to
contribute such a huge amount in developing waqf land? If we do, is the number
enough to cater to the remaining 88 percent of the undeveloped waqf land?

4.2.3 . The new trend of waqf land development

The growing of waqf literature also inspired Malaysia Waqf to evolve with an
innovative approaches and revised criteria of waqf land development. Hotels,
commercial buildings, office buildings, housing estates, hospital and in fact buses
terminal also are among the new development approaches that has been introduced.
Those development were considering the current need of the local community. One of
the iconic waqf development is Wakaf Seetee Aisah (WSA) that encountered issue on
housing affordability. WSA is a RM 24 million commercial properties and housing
areas project. The houses were leased12 for 99 years at the range of an affordable
prices between RM 250,000 to RM 400,000 each, which is lower by 20% from the
current market price.(Ismail, Omar, Abu Bakar, & Suhaili, 2016) Thus, it provides a
greater Muslim opportunity in owning a house. During the 90% of the WSA project
accomplishment, almost all houses unit had been engaged but, the issues arose when
there were limited end financing facilities13 available to the leased holder (customer).

The leased instead of sales and purchased contract was used as to maintain the character of waqf.
For WSA the end-financing only comes from Ar Rajhi bank & Bank Islam Malaysia Berhad

This scenario occurred as the Malaysian banks reluctant to offer credit facility (end
financing). Again, the issue of non-collateral of waqf asset was being raised up14. In
the few years ahead, approximately another 2500 houses on waqf land would be
completed. As in Malaysia, residential housing financing is provided by banking
institutions (85%), government housing loan (13%) and the remaining 2% by the
private-sector housing loans15. The questions are which bank would offer the end-
financing facilities? If the existing bank wouldnt, does it mean Malaysia need to
establish waqf bank that cater all the waqf development financing facilities?

4.2.4 The outreach of the financing facilities

Although the Financial Inclusion Index had significantly improved to 0.90 in
2015 there are still 8% unbanked population in Malaysia where 86% are representing
the no and low- income group 16. Improving the appropriate financial services access
to those identified unbanked community would be another justification for waqf bank
establishment. Ali, (2015) noted in handling microfinance issues, Islam always
encourages self-employment by the means providing tools for production to poor
people instead of money and food donation to the needy for consumptions. Currently,
the microfinancing facilities available to the poor is providing the small loans for the
poor people without any start-up capital That the reason why it is always associated
with greater non-performing loan risk. Are the current banking system willing to modify
their framework for the microfinance in helping the poor? The waqf is possible to take
this responsibility as it is parallel with the waqf concept where the habs is being
maintain but the benefit will continuously be distributed from the asset.

4.3 The Waqf bank Character

Waqf bank is not just a bank. It is expected that the entity is concerns about the
waqf ability and its principle. Waqf used to be the main financing vehicles for
commercial and public ventures, a role that finally being replaced by the banks and
other financial institutions(Hodgson, 1974; Kuran, 2001) Therefore, the waqf bank
needs to move from the normal form of banking mindset to an entity that more market
efficient and substance- oriented based. In this paper, two expected characters will be
discussed briefly

4.3.1 Equity based financing

Despite being in presence for more than 40 years the ideal Islamic values, is
still undervalued by the MIBF where its products and services are quite similar as

Interview with banking officer on 26 May 2015
CAGAMAS report 2013
Bank Negara Malaysia(BNM)

those structured by the conventional banks (Ariffin, Kassim, & Razak, 2015). The waqf
bank is expected to actualize the equity-based financing (EBF) or also known as profit
and loss sharing (PLS) .(Askari, Iqbal, Krichene, & Mirakhor, 2012; Seho & Masih,
2015; Seho, Alaabed, & Mohammed Masih, 2016) In the EBF mechanism such as
mudharabah and musyarakah, funds are provided as capital exposed to profit or loss.
Although, it is much riskier as the liability remains with the fund provider up to his
capital portion but no debt is created (Sadique,2015).It was expected that this PLS
instruments would be implemented to increase the funding channel to the poor. In
addition, the dominant murabahah scheme is not so fit in waqf asset transaction. In
fact, a purchase of a Waqf property is not acceptable as waqf properties are restricted
from being sold17. Even most of the Islamic scholar are promoting the PLS modes,
(Abdul-Rahmana, Latif, Muda, & Abdullah, 2014) argued that in the New Institutional
Economic Theory, PLS having difficulties to grow even in the Islamic banks
environment except if the Islamic banks is practices the purely entrepreneur

4.3.2 Islamic Social banking

Islamic Law stresses on the empathy value creation especially to the needy.
Thus, Riba is strictly prohibited in Islamic Finance transaction, so the borrower will not
be burdening by paying extra. Renowned as part of the third sector component waqf
was claimed to be departed from profit-oriented goal (Hassanain, 2016) In addition
Zuki( 2012) also emphasized any improvement and innovation in waqf management
is for the better services to the community aim This is the reason why the founder of
Grameen also agreed waqf bank should focus more on social investment projects
without ostracizing commercial essence (Baharuddin & Bayu, 2014) The success of
Grameen Bank in Bangladesh is also a sign that social banking based is foreseeable
features of the waqf bank

4.4 Challenges for waqf bank establishment

Even though this study has discussed on how the waqf bank should exist but
this study is also fully aware that there are challenges of bank waqf establishment. In
this paper, only two challenges will be discussed:
4.4.1 High start-up capital
According to the Bank Negara18 guidelines, there are two categories of bank
establishment For the Incorporated entity; the minimum paid-up capital of RM10
million; and an annual licence fee of RM50, 000.and if it is a Branch; the minimum

Draft of Shariah Parameter of BNM
Guidelines On The Establishment Of International Islamic Bank, Item 4

net working fund of RM10 million; and an annual licence fee of RM50,000. If the cost
of establishing is greater than the benefit that could be distributed to the beneficiaries,
is it worth to have the waqf bank? Does these transactional cost be burdening the waqf
bank as it has the accountability toward mauquf, mauquf alaih as well as to waqif

4.4.2 Regulatory environment

Being an additional market segment in financial market, waqf market will be treated
and structured as the existing segment; Islamic banking, Takaful and Islamic capital
market the composition of Islamic finance. The central bank and securities commission
are regulatory body that supervising, monitoring, issuing guidelines, standards and
other related mandate that govern the business operation of the waqf market.
Currently waqf is under the jurisdiction of the state. Thus, it requires a great deal of
effort to create an enabling legal and regulatory environment between central bank,
securities commission and MAIN. This will ensure that the role of the supervisory body
should not be directly involved in handling the waqf business and operation in the waqf
market, unless it is related to the public or is mandated by the government. Even in
such cases, the supervisory body should not be directly involved in the management
of the waqf but have the authority to appoint a third party to manage it.

4.4.3 Operational structure

Dafterdar (2012)noted the waqf banks board of directors should be a
combination of experienced Islamic bankers, regulators, fund managers, and
individuals who are extremely committed to the mission of waqf. The notion, also being
supported by Islamic Banker19, reminds that having committed Islamic bankers is
much more important rather than the experienced one. Another operational concern
is risk management. Bank always adopting a proactive rather than reactive risk
management policy. Yet, there is a need to the banking risk department being creative
and innovative in handling the waqf asset issue especially when it comes to the
collateral matter concern. As been mentioned in the earlier paragraph, most of the
missing link between waqf and bank are due to the collateral issue.

The concept of waqf development institution modelled that requires an
establishment of waqf bank has arrived for serious consideration. It has been shown
that there is a demand for establishing waqf bank as it might have influenced the
initiative to revive of waqf land development in Malaysia Thus the introduction of waqf

Issue 16/2016

market is beneficial for both entities. Waqf could be manage in a highly regulated and
governed with identified guidelines, standards and regulations whereas for the
banking, this new financial market segment will help to sustain their growth rate.
Despite the various challenges in establishing the waqf bank, it is hoped that the
discussion from this study could provide an insight whether waqf bank is qualified as
one of solution to optimize the waqf land ability. There is need for comprehensive
discussion on considerable strategic scope for waqf bank and its framework
development as one of the new solutions in meeting the needs for Waqf

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