Unit Trust with Waqf Feature as Sustainable Investment Conceptual Model in The Era of Post-COVID-19

Syahnaz  Sulaiman; Aznan Hasan; Fuadah Johari; Azrul Azlan  Iskandar Mirza

doi:10.33102/uij.vol33noS4.424

Authors

Syahnaz Sulaiman Universiti Sains Islam Malaysia
Aznan Hasan International Islamic University Malaysia
Fuadah Johari Universiti Sains Islam Malaysia
Azrul Azlan Iskandar Mirza Universiti Sains Islam Malaysia

DOI:

https://doi.org/10.33102/uij.vol33noS4.424

Keywords:

waqf, unit trust, islamic finance, fatwa

Abstract

Harnessing a sustainable waqf model remains as the key challenge faced by waqf managers particularly in the mid of socio-economic crisis post-COVID-19 pandemic. This paper aims to present the viability of unit trust waqf as an alternative asset for waqf creation. This study employed a qualitative research design using document analysis of classical Islamic books, Islamic ruling (fatwa), journal articles, books, online and policy documents. The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring sustainable returns for waqf particularly during this difficult time in reducing the socioeconomic impact of COVID-19 catastrophe, by introducing conceptual model of unit trust waqf as potential mechanisms to pool more cash waqf from individual investors. This paper submitted that waqf plays a significant role as a global financial cure for economic revival post COVID-19. The sustainability of the capital waqf assets in the form of unit trust is preserved through the distinctive fixed price feature of the unit trust waqf as proposed toward the end of the paper.

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Author Biographies

Syahnaz Sulaiman, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia

Aznan Hasan, International Islamic University Malaysia

IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia, 53100 Jalan Gombak, Selangor, Malaysia

Fuadah Johari, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia

Azrul Azlan Iskandar Mirza, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia

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