Waqf-Linked Unit Trust Funds: A Qualitative Analysis of Recent Application in Malaysia


  • Syahnaz Sulaiman Universiti Sains Islam Malaysia
  • Muhammad Taqi'uddin Mohd Hamzah The International Centre for Education in Islamic Finance (INCEIF)
  • Aznan Hasan IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia


Waqf, governance, Islamic finance, Shariah-compliant unit trust fund, philantrophy


The waqf concept has been integrated into a variety of financial assets, including Shariah-compliant investment vehicles like unit trusts. With the appropriate structure and strategy, waqf can support many spheres of life, including the growth of the mainstream economy. This paper aims to highlight the recent development of waqf-linked unit trust funds within the Malaysian context and identify the underlying governance principle for waqf. The current study employed a qualitative research approach through document analysis of previous literature. The paper concludes that the waqf unit trust fund, which upholds strong governance of accountability and transparency as well as backed by the stakeholder theory may contribute to advancing the social and economic well-being of the ummah.


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Author Biographies

Syahnaz Sulaiman, Universiti Sains Islam Malaysia

Senior Lecturer, Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan Malaysia

Muhammad Taqi'uddin Mohd Hamzah, The International Centre for Education in Islamic Finance (INCEIF)

School of Graduate Studies, The International Centre for Education in Islamic Finance (INCEIF), University Lane A, 59100 Kuala Lumpur, Malaysia

Aznan Hasan, IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia

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


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How to Cite

Syahnaz Sulaiman, Muhammad Taqi’uddin Mohd Hamzah, & Aznan Hasan. (2022). Waqf-Linked Unit Trust Funds: A Qualitative Analysis of Recent Application in Malaysia. Ulum Islamiyyah, 34(3), 1-17. Retrieved from https://uijournal.usim.edu.my/index.php/uij/article/view/514