Strengthening Cash Waqf Institutions: Governance, Technology and Blended Finance Approaches in Malaysia, Turkey and Brunei

Waqf had a historical role in social welfare and social advancement. However, today its potential, notably through cash waqf, in combatting contemporary economic and social challenges remains underexplored. This research focuses on cash waqf institutions that have been modernised in order to mobilize resources and increase attendance. Following the method of a qualitative study, 46 specialists consists of academicians, banking professionals and local experts--from Malaysia, Turkey, Brunei were interviewed and their documents analyzed. Data from participants in Malaysia, with a systematic coding method conducted through MAXQDA for systematic analysis, also analysed responses from Turkey and Brunei as well for thematic analysis to find out recurring trends, major themes, and insights. There is a strong consensus among the three countries on the importance of technology-driven, transparent, and professionally managed cash waqf systems that prioritise effective governance, active community engagement, and Shariah-compliant financial investments. At a regional level is the need for innovative co-working with the government-based waqf finance systems like “Waqf-Sukuk blended finance” to ensure long-term socio-economic development and efficient investment of waqf capital.

ECF, Mudarabah, Blended Finance

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