THE EFFECTIVENESS OF SAHAM WAQF ON ADEQUACY OF … · 1Land Administration Department, Faculty of...

International Journal of Real Estate Studies, Volume 9 Number 2 2015

THE EFFECTIVENESS OF SAHAM WAQF ON ADEQUACY OF FUNDS FOR

DEVELOPMENT PROJECTS IN MALAYSIA

1Aminah Mohsin,

2Mohammad Tahir Sabit Hj Mohammad

1Land Administration Department, Faculty of Geoinformation and Real Estate,

2Centre for Real Estate Studies, Institute for Smart Infrastructure and Innovative Construction

Universiti Teknologi Malaysia

Email: [email protected], [email protected]

2

Abstract

It is often said that waqf is asset rich but cash poor. Hence, this paper aims to look at the effectiveness of saham

waqf in providing adequate funds for the development of waqf properties. The explanatory study is of the concept

of saham waqf and the practice of four waqf institutions in Malaysia. To determine risks to the effectiveness of the

concept and practice of saham waqf, both have to be studied qualitatively. On the concept, the contents of the

original fatwa and scholarly write-ups and literature were reviewed. To analyze the practice, available policy papers,

documented archives, and contents of semi- structured interviews with their officials were used. Considering the

nature of available data, performance of fund raising strategy (saham waqf) was measured by availability of

adequate funds at the time of completion of a development project or the number of similar projects it has financed

in a given period. It was found that in some cases of project-based fund raising exercises, saham waqf was unable to

have sufficient returns that could cover full cost of the development. The study concludes that project based saham

waqf may not be ideal fund raising strategy, and due to conceptual constrains, it might be an ad-hoc method as fund

is exhausted once it is utilized. The study also implies that generally saham waqf make waqf assets lose return

because of lack of value enhancement potential, which may have negative effect on overall capital adequacy of waqf

funds for socioeconomic projects. The study calls for improvement of conceptual model of saham waqf.

Keywords: Saham Waqf, effectiveness, funds, liquid fund

1.0 INTRODUCTION

Waqf can provide wider sustainable welfare

services to a community. This is possible if all

aspects of waqf are considered, protected and

well managed, including financial and asset

management. By good financial management,

we imply that which enables the waqf managers

(nazir/trustees) to raise cash and credit, and

manage it in terms of income, expense, and

assets, while by asset management we mean the

acquisition of fixed assets, their operation,

maintenance, and disposal when needed. The

outcomes of these include maximizing incomes

and sustainability. Only effective and efficient

management of waqf funds and assets could

empower waqf institutions to deliver long-term

welfare services to a wider stratum of society.

We think waqf manager has to raise funds,

invest them safely, including in fixed assets, and

distribute the income among the beneficiaries.

An adequate supply of funds for waqf projects,

adequate project returns, and the optimum

utilization of funds by keeping balance between

equity and debt capital, if achieved successfully,

will make the fund and asset management of

waqf managers effective and efficient.

The adequacy of waqf funds for delivery of all

its classic and current welfare services is always

questionable. Measuring adequacy from this

perspective will require variable criteria that are

beyond this study. Even in a limited

geographical zone of a state, the adequacy of

funds for all welfare services is not the objective

of this article. Rather this work is concerned

with the adequacy of funds raised by way of

The Effectiveness of Saham Waqf on Adequacy of Funds for

Development Projects in Malaysia

International Journal of Real Estate Studies, Volume 9, Number 2, 2015 Page 17

saham waqf for completing particular planned

projects, be it socio-economic, or the

development of real estate and its renovation and

maintenance.

Previous studies always highlight the lack of

development financing funds thus proposing

banking and conventional financing methods for

development of waqf properties (Mar Iman and

Tahir, 2014; 2006; Kahf, 1999; Zarqa, 1996;

Aznan Hasan (nd);). Neither the management of

these funds nor their effect analysis is fully

undertaken. Rencently, Shamsiyah (2010)

analyzed management innovation through asset

migration, and sell of usufruct for a period,

which generally show successful transformation

of theories to practice, and for Singapore

indicate a level of effectiveness of the given

methods in terms of adequacy of funds for

development purposes. However, she does not

analyze saham waqf, though suggests creation of

new awqaf, which may be embodied in saham

waqf (waf shares). There exists few studies on

saham waqf; most of them discuss the regulatory

and managerial viewpoint as executed by waqf

institutions, in addition to some legitimate issues

(Hazlan, 2002; Tahir, Hamid and Ismail, 2005;

Mashitoh, 2007; Hasnol, 2007; Asmak, 2009;

Tahir, 2009; Aminah and Tahir, 2011; Mashitoh

et al., 2007; Hidayat, 2013; Bakar, 2007; Zuina,

Syafini and Jawanees, 2014; Syahnaz, 2012).

Che Zuina et al. (2014) mention contribution of

saham waqf but did not examine whether such

collection method is effective or otherwise. In

the same vein, Noor Aimi et al. (2014) dwell on

how to increase development funds therefore

suggesting the use of electronic media,

collaboration with religious authorities, banks

and others. It is thus clear that there is a gape in

the body of knowledge about the scarcity of

funds for socioeconomic projects in general and

effectiveness of saham waqf as a tool of

development financing.

This article therefore looks at saham waqf from

the viewpoint of its effectiveness that is whether

the funds adequately cover all the expenses

needed for a target project or projects within a

desirable timeframe. The expenses may include

administrative and managements cost, as well as

construction, and maintenance cost. In this vein,

the article moves from an abstract idea to its

application, and then looking back from its

application to its abstract theory, in terms of its

usefulness in a larger state of affairs. The

broader question that needs an answer, but that

answer is not fully expected here, is whether

saham waqf can help waqf institutions to

develop their vacant lands, revive

underdeveloped assets, purchase new assets, and

undertake various welfare projects to cater for

some or all socio-economic needs of a given

community or nation. In a narrow sense, answers

for the following questions are expected

including: how saham waqf is applied, and to

what extent waqf institutions have achieved their

targets through saham waqf. To answer this

question, this article discusses the research

methodology for the empirical study, the general

fund-raising methods, the concept and practice

of saham waqf, the study results, their analysis

and discussion, and the conclusion.

2.0 RESEARCH METHODOLOGY

This case study investigated the application of

saham waqf for raising funds, and their

utilization in socio-economic welfare and

acquisition, or the development of real estate.

Considering the link between epistemological

unknown of saham waqf and its management,

and the effectiveness of saham waqf as a fund

raising strategy a qualitative analysis of the

contents of acquired data was used. The data

included secondary and primary legal sources,

such as the original fatwa, legal texts, and

scholarly write-ups explaining the concept of

saham waqf. Organizational policy papers and

guidelines, documentary records, and semi-

structured face-to-face interviews with officials,

were used to examine the practice and

application of saham waqf.

Four waqf institutions in Malaysia that currently

practice saham waqf were chosen, including the

waqf institution of Johor (MAIJ), the waqf

institution of Selangor (MAIS), the waqf

institution of Malacca (MAIM), and the waqf

institution of Pahang (MAIP). Firstly, interviews

were conducted by telephone and then through

semi-structured face-to-face in depth-interviews.




Semi-structured interviews were seen as

appropriate due to their flexibility during the

conversation (Robert, 2008). The small sample

size (Anil and Charatdao, 2012) of this study

was considered valid due the expertise of

respondents on the subject. The interview

sessions and conversations were recorded using

a tape recorder and field notes.

All the recorded data was transferred into text

(Julia, 2008). As indicated by Barbara and

Benjamin (2006) transcribers regularly have

difficulties capturing the spoken word in text

form, because of sentence structure, utilization

of quotations, omissions, and mistaking the

words or expressions for others. Since people

frequently speak in run-on sentences,

transcribers are compelled to make careful

decisions. The insertion of a period or a comma

can change the meaning of a whole sentence.

Hence, every exertion ought to be made to

reduce any possible error, anonymous and bias

(Nigel, Amanda and Nick, 2002; ESOMAR,

2009).

Consequently, the following five phases of data

analysis suggested by Yin (2011), Wood (2011)

and Babbie (2011) were seen as crucial. All the

recorded data in electronic or non-electronic

form was reviewed and reread. The recorded

tapes were listened to and rearranged, allowing

important information to be selected in regards

to this study. Altering and re-altering the

arrangement of the data was required, in order to

ensure the data is objectively analyzed. In

addition, interpretations needed to understand

the beliefs of informants, and check any hidden

assumptions, which are suitable and considered

a rational viewpoint of the respondent in

connection to the subject matter of the study.

Three measures may be used to assess the

effectiveness of the fundraising strategy: specific

objectives set by fundraiser, the objective of the

organization, and the needs of a target group. In

this study however the researchers measure

effectiveness of project-based saham waqf, as a

fund raising strategy/method, based on the

returns of saham waqf within a specified period,

divided by cost or number of targeted

development projects of equal value. Due to the

nature of data and its availability to the

researchers, a zero deficit would qualify the

strategy as effective against one where deficit is

below such a level. Examples of effective

strategy are used further to benchmark

effectiveness in a non-project-based saham waqf

strategy. The authors use an estimated average

annual investable fund derived from the existing

annual returns to measure the effectiveness of

non-project-based saham waqf. This however

may result in some predictive statements only.

3.0 FUND RAISING AND ITS SOURCES

Waqf institutions currently raise funds through

three ways, which include allocation from the

government, self-financing, and borrowing from

financial institutions. The first type of financial

resources is the Federal Government allocation.

According to the 9th Malaysia Plan (RMK-9),

the Federal government allocated RM256.4

million for waqf development. From this

amount, 16 projects were successfully

developed, which covered 0.16 percent of the

total waqf land in the country (Utusan, 2011).

The amount of allocation was increased in the

10th Malaysia Plan (RMK-10) to a total of

RM1.9 billion (RMK-10, 2011-2015; Bernama,

2010). Even so, waqf institutions did not rely

solely on government allocation, because it is

distributed every five years. In addition, the

allocation is more focused on the development

of new waqf properties, whereas the waqf

institutions require funds not only for

development but also for the management and

maintenance of the existing assets.

The second financial resource is loans from

financial institutions. Indeed, the borrowed

assets cannot be considered waqf assets. They

however can contribute to the increase of funds

if they are frequently used. But, due to the cost

and risk involved, few waqf lands are financed

in this way and therefore the chance of

generating an income that can enhance the

adequacy of waqf assets is slim, not to mention

the length of time involved before such an

income can be realized (Aminah and Tahir,

2011).




Thus, waqf institutions have to strengthen their

self-financing. Self-financing is defined as the

allocation of money by waqf institutions from

their own funds for the development and

management of waqf properties, without seeking

it from other financial bodies. There are four

types of waqf funds available for self-financing.

These consist of waqf leasing revenue, cash

waqf, saham waqf (waqf shares), and revenue

from waqf saham (Waqf of shares/stocks).

Among the four types of self-financing, waqf

institutions presently focus more on saham waqf

funding. This is because there are of several

weaknesses involved with other methods. Due to

the low rental yields, the income may not assist

waqf institutions in increasing their liquid

capital. Cash waqf and waqf saham are not fully

practiced yet in Malaysia (Aminah and Tahir,

2011). For that reason, waqf institutions keep

promoting saham waqf to the public. The

uniqueness of saham waqf that attracts donors is

its concept. It is based on a project. It offers

assurance to the waqif as to where their funds

are used. From 1993 to 2014 there are numerous

successful projects of saham waqf completed by

the waqf institutions in Malaysia. Accordingly,

the effect of the saham waqf fund will be the

subject of the study. However, before we

determine the effect of this fund, we have to

explore its concept and design.

4.0 THE CONCEPT OF SAHAM WAQF

IN MALAYSIA

Saham waqf was introduced to the waqf system

more than three decades ago. Saham waqf is one

of the innovative methods established by

Muslim scholars in order to assist waqf

institutions, in financing the development of

waqf property. Furthermore, most studies are

focused on the term of cash waqf compared to

saham waqf. This is because some of the

researchers considered the concept of saham

waqf equal to the concept of cash waqf. In fact,

both of the concepts are slightly different, where

the latter is used not only based on projects, but

also invested in various portfolio investments

(Tahir, 2009).

Generally, saham waqf is a share-based concept.

It involves creating a waqf through cash

collection from the public, institutions or

corporations, with the share value determined by

the waqf institution. The waqif must donate back

the purchased share to the waqf institutions.

Indeed, the waqif must intend that the fund will

be used for financing waqf development

projects. Then, the nazir as a sole trustee for

waqf property has the responsibility to distribute

the accumulated funds to finance waqf projects.

As a return to the waqif, he/she will receive the

share-certificate as a token of appreciation. A

summarized concept of saham waqf is illustrated

in Figure 1.

Figure 1: The concept of saham waqf

5.0 IMPLEMENTATION OF SAHAM

WAQF

Four waqf institutions that have implemented

saham waqf were chosen. MAIJ was the first

institution that implemented the concept of

saham waqf on 8th August 1993, followed by

MAIP in 1998, MAIS in 1999, and MAIM in

2003. This section will begin with the

administration of saham waqf, and then the

achievement statistics of saham waqf in each

waqf institutions.

5.1 Administration of Saham waqf

The administration of saham waqf in each waqf

institutions is either similar or different due to

every state having different laws and

Waqf Institution offered certificate of share of a

part of waqf project

Individual/Corporate body purchases the share

Founder(s) declare(s) the purchased share as waqf

The accumulated fund will be utilized to develop

waqf properties




regulations1. The administration of saham waqf

may be categorized into several types as

elaborated below:

a) Style

The administration of saham waqf in MAIJ and

MAIM is governed by their waqf departments.

In MAIS waqf is managed by a corporation

known as the Selangor Waqf Corporation

(PWS). PWS has also joint-venture with Bank

Muamalat Malaysia Berhad (BMMB), and

agreed the later will only focused on two

purpose developments which are waqf for health

and waqf for education in Selangor. In MAIP,

saham waqf is managed by a specialized

department known as the saham waqf

department.

In terms of fund management, MAIJ is the only

institution that specifies projects before the

collection of funds is made. Thus the

accumulated funding directly finances the

specified project. However in MAIS, MAIM and

MAIP, the funding may be distributed for

general and specific purposes. Saham waqf for

general purposes is fully managed by the waqf

institution, from the collection process till the

point when the project is successfully

completed. Meanwhile, for specific purposes,

the fund-raising and its development is fully

managed by third parties, such as developers,

members of mosques or village committees that

want to develop a waqf project. The waqf

institutions act as an entrusted party, and

supervise funds until projects are completed.

b) Minimum amount of contribution

Three waqf institutions had determined

RM10.00 to be the minimum amount required to

buy a unit of saham waqf, which is MAIJ, MAIS

and MAIP. While for MAIM the amount is

RM2.00, the prescribed minimum amount is

seen as more affordable and may attract people

from various groups. Consequently, this ought to

be one of the variables that may increase the

liquidity of funds in waqf institutions if more

people participate in saham waqf.

1 Rules of Saham Waqf Pahang (1998); Waqf Malacca Enactment

(2005); Selangor Waqf Enactment (1999)

c) Collection methods

In the early establishment of saham waqf, the

public was required to go to the counter usually

situated inside the building of the waqf

institutions, or any open counter provided by

waqf institutions during any events. However,

this practice is considered inconvenient to the

public, and therefore waqf institutions have

diversified subscription methods to be made

them easier, quicker and time-saving. Due to

new technology, there are various ways of

transferring cash including through bank

deposits, online payments, visa and master

cards, salary deductions, Financial Process

Exchange (FPX) and agents.

Currently, only two waqf institutions have

implemented salary deduction method, which

includes MAIP and MAIS. This method was

established based on an agreement between waqf

institutions, employers and employees, whereby

the letter consented to a monthly fixed amount

to be donated to the saham waqf fund. Apart

from that, some different methods are utilized at

MAIJ which includes payment through Visa or

Master Card, cheque, deposit bank and online

payment (Financial Process Exchange, FPX). In

MAIS, other techniques have been implemented

including Money Order, postal and appointment

of agents to receive payments of saham waqf

from the public. These optional methods give

huge opportunity and convenience to the public

by making waqf donations available anytime and

anywhere.

d) Incentive

There is an incentive for donors to participate in

the saham waqf. The donors will qualify to

receive income tax exemption under the section

44(6), 44(11B) and 44(11C) of the Income Tax

Act (1967)2. The maximum amount to be

deducted from the aggregate income of any year

is up to seven percent (7%) for an individual (SS

44(6) (a); 44(11B) (a); 44(11C) (a)) and ten per

cent (10%) for a company (SS 44(6) (b);

44(11B) (b); 44 (11C) (b)).

2(Reference No.: No. LHDN.01/35/42/51/179-6.5621. Gazette 14,369

dated 07/27/2004).




e) Beneficiary/Purpose

The distribution of saham waqf funds is used

either for specific waqf or general waqf. General

waqf (waqf am) means the accumulated funds

will be used freely for the development of waqf

projects without any projects specifically

targeted and promoted by the founder or waqf

institutions, during the declaration of saham

waqf. Saham waqf for specific projects means

that the founder or waqf institution has specified

the project during waqf declaration.

In order to facilitate the distribution of saham

waqf funds and to make it easier for the

waqif/founder to determine or choose which

categories of social welfare he/she would like to

contribute to, waqf institutions have divided

beneficiaries/purposes of waqf into several

categories. They include worship, education,

health, commercial, housing/shelter and food.

The details are elaborated in Table 1.

Presently, all the above purposes are not

universally implemented by waqf institutions.

Table 1 shows the purposes for which saham

waqf funds are attracted by MAIJ, MAIS,

MAIM and MAIP. Based on Table 2, MAIJ has

used its collected funds for all planned purposes.

This was followed by MAIP and MAIS with

four categories, and MAIM with two categories

as shown in Table 2.

As mentioned above, the significant difference

between MAIJ and other waqf institutions is the

method of collection of saham waqf funds.

MAIJ collects and use these funds in accordance

with special pre-planned projects, while other

waqf institutions (MAIP, MAIS, MAIM) collect

funds for general waqf. This means no pre-

planned projects need to exist before the process

of collecting saham waqf funds. After funds are

collected, waqf institutions may decide on the

type of project that can be developed with the

accumulated funds.

Table 1: Types of beneficiaries/purposes

Beneficiaries/Purposes

Worship

Worship comprises activities or

programs of religious nature that have

a positive impact on the spread of

Islam and the practice of Islamic

rituals. This may consist of building

and repairing mosques, purchasing

new holy books (Quran),

maintenance, and purchasing new

land for cemeteries and other Muslim

needs.

Education

Education includes the provision of

infrastructure and facilities to

improve quality of education. This

may consist of educational

complexex, waqf tuition, libraries,

Islamic kindergarten, religious school

and others.

Health

Such projects may include the

development of hospitals, waqf

clinics, health facilities such as

dialysis centers, and others.

Housing

and shelters

These projects include the

development of affordable housing or

provision of shelter to orphans, and

the poor.

Commercial

/Economic

activities

Commercial waqf is a project that

provides income to waqf institutions

through rental revenue. This includes

offices, shops, waqf hotels, waqf

premises, waqf minimarts and others.

Food

production

This refers to the development of the

halal food industry. This may include

abattoirs, farming, animal husbandry

and food processing.

Source: Malaysia Waqf Foundation (2015)

Table 2: Purposes for which saham waqf funds

are used

Category/ Waqf

Institution MAIJ MAIS MAIM MAIP

Worship √ √ √ √

Education √ √ √

Health √ √

Housing/Shelters √ √ √

Commercial √ √

Food Industry √

Source: MAIJ, MAIM, MAIP, MAIS




Both of these above methods have their own

advantages and disadvantages. For example,

from 2011 until 2013 MAIJ succeeded in

developing only one commercial project (see

Table 4), while in Selangor, from 2010 until

2013 MAIS provided three successful waqf

commercial projects (see Table 3). In

conclusion, in this context, the purpose of which

is specially shaped, gives an advantage to waqf

institutions in diversifying its categories but will

result in a modest number of projects in a

category. Meanwhile for general purposes, waqf

institutions have a focus on one aspect of

development that they think appropriate at that

time, and therefore no diversity category will

exist. This may indicate a correlation between

the development speed and the specification of

development projects, where the lack of it may

have affected spending and therefore adequacy.

5.2 Statistics of Accumulated Saham

waqf Funds and Their Expenditure

This part explains the current annual usage of

accumulated saham waqf funds in each waqf

institution. The discussion includes the

categories of saham waqf in each waqf

institution, and their expenditure for various

purposes.

a) Annual Statistics of Saham Waqf

Figure 2 beneath demonstrates the statistics of

saham waqf in MAIM, MAIS and MAIP, from

2003 until 2012. The statistics of the

accumulated saham waqf fund from MAIJ

cannot be covered in the structured diagram,

because it raises its funds only if there is a waqf

project to be developed. Thus, the related

statistics are given separately in Table 5. Among

the three waqf institutions, MAIS stood highest

with a total value of RM9.9 million, followed by

the MAIP with RM1.4 million and MAIM with

RM1.2 million.

In MAIP, the annual collection of saham waqf

has never reached RM500, 000. The highest

amount stood at RM300, 000 in 2002 and 2007.

Other times, it was around RM100, 000. In

MAIM, based on the record of annual

performance, the year 2013 is the highest year

with an accumulated saham waqf worth of

RM377,435.79. In other years, the average

collection of saham waqf in Malacca was only

RM120,000. Furthermore, the collection of

saham waqf in Selangor from 2003 until 2008

did not exceed RM500,000 except in 2002 and

2007 when it reached RM558,048.00 and

RM501,622.40, respectively. In 2009, the

accumulation of saham waqf funds was almost

RM1 million. In 2010, there was a 13% decline

in collection, i.e. RM930,717.00. Nevertheless,

in 2011 and 2012 the collections increased and

reached RM2 million and RM4 million for the

respective years. Furthermore, since MAIS has

collaborated with Bank Muamalat Malaysia

Berhad (BMMB) in developing waqf property in

Selangor, the statistic of saham waqf collected

by BMMB needs to be studied. This is shown in

Figure 3.

Figure 2: Annual statistics of saham waqf in MAIM,

MAIS and MAIP

Source: MAIP, MAIS, MAIM

Figure 3: Statistics of the saham waqf fund in BMMB

and PWS (2013-2014)

Source: BMMB (2014); PWS (2014)

According to Figure 3, the number of saham

waqf accumulated by BMMB for the year 2013




is RM3,376,879.59, which was increased by

26% in 2014 to a total of RM4,569,761.68.

Comparatively speaking with the saham waqf

collected by Selangor waqf corporation (PWS),

this is more than double the waqf of those

accumulated by the BMMB.As indicated by the

BMMB officer, this unimpressive record is due

to the lack of awareness of the public about the

fund being launched by BMMB. Meanwhile,

waqf officers in MAIS said that the fluctuation

in the collection of saham waqf occurred

because of two factors, namely public

awareness, and the effort of the Selangor Waqf

Corporation in the promotion of this fund.

Therefore, the higher collection of saham waqf

in 2011 and 2012 correlated to the establishment

of the Selangor Waqf Corporation (PWS) in

2011, which is a corporate body. This new body

replaced the old department (Mal Department)

that had a broader scope of work. The PWS,

after its establishment, focused on promoting

this fund to the public. The result was a

threefold increase in raised funds. The waqf

officials of MAIP and MAIP also recognized the

shortcoming, and thought that this was due to a

lack of campaigns to create public awareness,

the lack of qualified staff, and the lack of better

collection methods to help members of the

public to participate in the saham waqf.

b) Purpose of Expenditure

This section highlights the current expenditure

of the accumulated saham waqf funds in each

waqf institutions. This includes the completed

projects and projects that are under construction,

or that are yet to be started.

1. Waqf Institution of Selangor (MAIS)

The Selangor waqf institution has two sources,

one is saham waqf Selangor and the other is

Waqf Selangor Muamalat.

The Saham waqf Selangor, until 2013, has

funded several waqf projects, as can be seen in

Table 3. The seven projects that were funded by

the saham waqf fund included repairing the

mosque of An-Nur, the construction of MAIS

waqf library, the purchase of five units of waqf

premises, the buying of shop lots (in two

places), the purchase of shop offices, and

financial contributions to mosques.

Table 3: List of waqf projects that funded by SahamWaqf Selangor

Source: Waqf Selangor Corporation (2014)




The first religious project funded by saham waqf

selangor was the refurbishment of a mosque. The

mosque was enlarged at a cost of RM350, 000.

Later in 2008, the saham waqf fund was used to

purchase some equipment for the MAIS waqf

library. This included the purchase of books,

computers, tables and other administrative items.

The objectives of the library were to provide

information and reference sources to MAIS and

its subsidiaries in research, learning and the

dissemination of information, as well as a

referral centre of Islamic information in support

of the MAIS mission to establish an Islamic

knowledge center. Both of these waqf projects

do not provide any form of revenue to the

Selangor Waqf Corporation.

In 2009, the fund was utilized to purchase five

units of waqf lots, currently generating RM1000

per unit monthly. In 2010, two premises were

purchased, which were shop lots and office

shops. Both buildings were rented with monthly

RM10, 000 incomes. In 2012, the saham waqf

fund contributed to the construction of a mosque

with a cost amounting to RM3 million. The latest

waqf project was commenced in 2013. The fund

was used to support the purchase of a two story

shop lot in Cheras, valued at RM1.06 million.

Currently, the shop is rented to the public for

commercial use, at RM7, 000 per month.

According to the waqf officers, all the income

earned from waqf projects is divided into two

portions, 50% going back to the saham waqf

fund, and the other 50% used for the PWS

management fee.

According to Table 3, the distribution of saham

waqf remains the same as before and after the

establishment of the Selangor Waqf Corporation,

which contributed to the mosque and purchase of

commercial buildings. The significant difference

with the formation of the Selangor Waqf

Corporation is the surge of saham waqf

collection. Before the establishment of the

Selangor Waqf Corporation, the accumulated

saham waqf funds over the last seven years

(2003-2010) only once reached the millions,

which was in 2009. In the other years the annual

collection only reached a hundred thousand.

After the establishment of the corporation, from

2011 to 2014, the total amount collected for the

three years was 20 million.

For Waqf Selangor Muamalat, the distribution of

funds was devoted to the development of health,

education and any investment that is Shari’ah

compliant. Although the funds collected by

BMMB are still modest, they decided to use the

fund for only for short-term small waqf projects

that require less funding. The list of waqf

projects is provided in Table 4.

Based on the Table 4, funds from Waqf Selangor

Muamalat are channelled to purchase of

buildings, totalling 1 million, followed by the

purchase of educational equipment, medical

equipment, mobile clinics, and the purchase of

al-Quran. Currently the purchased buildings are

under construction and renovation, and are

intended to be rented as a branch of Bank

Muamalat. Furthermore, according to the

BMMB officer, the existing fund of waqf

Selangor muamalat is deposited in the current

account in Bank Muamalat. The dividend earned

is two percent, which assists the Waqf Selangor

Muamalat fund to grow.

Table 4: Categories of waqf projects funded by Waqf

Selangor Muamalat

Source: Authors based on BMMB Annual Report

(2014)

The overall analysis of the Selangor saham waqf

indicates increased funds and relatively small

amount being spent on socio economic projects

(See Table 5). The amount received annually

during 2013 and 2014 is around 11 million. It

has the capacity to finance projects worth 22

million considering two years for typical

construction project. However, Table 6 shows

that a fiction of the accumulated funds i.e. less

than a million is annually put to socio economic

projects. This will show weakness of the waqf

organization if attention to this point is not paid.

Project Amount (RM)

Mobile clinic 574,900.00

Medical equipment 381,663.80

Education equipment 842,008.76

Quran 2,650.00

Buildings 1,020,600.00




2. Waqf Institution of Malacca (MAIM)

According to the Malacca waqf official, since

the collection of saham waqf is small, the fund is

used currently only for the maintenance of

mosques and waqf buildings

3. Waqf Institution of Pahang (MAIP)

As the fund was small, it would be difficult to

finance large-scale waqf projects. Therefore,

only one project was fully financed by SWP,

which is the construction of a building for a

Clinic in Kuantan, Pahang. The SWP fund was

additionally used for financial aid to various

institutions that intended to develop waqf

projects.

The record showed that 91 institutions so far

received funding from saham waqf Pahang.

Most of the SWP funds were channelled to the

construction and renovation of the mosques, the

construction of academic buildings and the

purchase of equipment for a clinic. According to

the waqf officer, although it was a form of

funding, MAIP will ensure that SWP funds are

used for the development of fixed waqf assets, as

stipulated in the concept of saham waqf.

Table 6: Effect of returns on development projects

Type of SW Accumulation

period Returns

Average

annual

investable

amount

Actual

amount

invested

Average

annual invested

amount

No

Projects

Saham waqf

Selangor

Years 2003-

2012 9,991,500 999,150 7,455,000 745,500

5

Year 2013-2014 14,278,718 7,139,359 1,060,000 530,000 1

Saham waqf

(Waqf Selangor

Mu'amalat)

Year 2013-2014 7,946,640 3,973,320 2,821,822.6 1,410,911.3

20

Total 32,216,858 12,111,829 11,336,823 944,735.2133

Source: Authors Tabulation (2015)

Year Returns Total Expendature Balance Returns Expendature Balance

2003-2012

2003 254600 254600

2004 140000 394600

2005 276200 670800

2006 306600 977400 350000 627400

2007 501600 1129000

2008 495800 1624800 350000 1274800

2009 1075000 2349800 1005000 1344800

2010 930700 3206200 2750000 456200

2011 2007000 2463200

2012 4004000 6467200 3000000 3467200

9991500 7455000 2536500

2013 6251011 9718211 1060000 8658211 3376879

2014 8027707 16685918 4569761

14278718 7946640 2,821,823 5,124,817

9991500

14278718

24270218 8515000 15755218

SahamWaqf(WaqfSelangorMu'amalat)SahamWaqfSelangor

Total(20103-2014)

Total(2003-2012)

GrandTotal

Table 5: Overall returns and expenditure of saham waqf in Selangor




4. Waqf Institution of Johor (MAIJ)

As shown in Table 7, MAIJ has decided the

collection of saham waqf for specific pre-

planned projects. From the interview with the

waqf officer at MAIJ, it was understood that

currently there were some projects successfully

developed, and others were pending

development. The waqf officers told that, from

1993 to 2014, eight projects were financed

through saham waqf funds. Currently five of

eight projects are successfully financed by

saham waqf only. This includes the six-story

building in Tampoi, an oil palm cultivation

project, along with the purchasing of 30,000

copies of Tafsir Al-Quran, shop lots in

Nusajaya, and the purchase of student hostels in

Cairo, Egypt. Three projects, namely 121

religious schools, the Darul Furqan Building and

Madrasah Tahfiz Medics are not completed yet.

The earliest project fully funded by SWJ is a six-

story building in Tampoi area. The project cost

about RM4.99 million. The construction period

for this project was two years starting from 1993

to 1995. Meanwhile the saham waqf fundraising

for this project took five years from 1993 to

1998. Due to the slow pace of SWJ fundraising,

MAIJ applied for financial aid from the

Baitulmal (Treasury) of Johor. Once the

accumulation of SWJ was complete, the funds

were handed over to Baitulmal of Johor in lieu

of money given in advance. Presently, the

building is rented for RM10, 000 per month. The

building has now been turned into a

hemodialysis centre of MAIJ and is governed

solely by the MAIJ Urus Sdn Bhd Company.

The Haemodialysis Centre was established in

order to provide dialysis services to kidney

patients. As a result of this lease, MAIJ

distributed the income from the payment of waqf

management staff, donations to the mosque, and

welfare activities such as repairing mosque'

fences, graveyard' fences and other initiatives.

Table 7: Targets, returns and expenditure of SWJ between 1993-2014

Years Project Targeted

Cost (RM)

Completion

period

Fund raising

period

Accumula

ted funds

Type of

project

Monthly

Income Purpose

Construction/Execution

Status

1993-98 Tampoi waqf

building 4.99 mil

2

years 5 years

commercial/ income

generating

10,000

i. general

welfare,

ii, waqf management

Complete

2008 Palm trees 300, 000 n/a 2 weeks

agricultural/i

ncome generating

Not

mature yet

Muslim

welfare Complete

2010-2012 Cairo student hostels

6 mil n/a 2 years

social

Complete

2009-2014 121 Religious

schools

86241274*

5 years 5 mil social

Pending

2011-2013 Tafsir Al-

Quran 1.5 mil

2 years

social

Complete

2011-2012

Nusajaya

commercial building

1.5 mil 2

yeara 3 yeara

comercial 6400

i. general

welfare,

ii, waqf

management

Complete

2013- Madrasah

Tahfiz 13 mil

1 year 3 mil social

Pending

2013- Darul Furqan 6 mil

1 year 1 mil social

Pending

Total 119.49 Mil 9 mil

Source: MAIJ/Authors’ Tabulation (2015)




The next project is the purchase of student

hostels in Cairo Egypt. Similar to the

development of six-story projects in Tampoi, the

hostel was purchased with an advance from the

Baitulmal of Johor because the students needed

the shelter immediately. After the purchase of

the hostel was successful, the accumulation of

saham waqf was undertaken. The cost of the

hostel was RM6 million, which was collected

within two years starting from 2010 and ending

in 2012. The funds raised were then paid to the

Baitulmal of Johor in lieu of the loan. This

hostel is a six-storey building that has been

renovated and can accommodate up to 80

students at a time.

The third project that was fully financed by SWJ

was the project of replanting palm trees at the

MAIJ waqf farm of 20.54 Hectares in Mersing.

The cost of endowed seedlings of oil palm trees

was RM300, 000. This project began in 2008,

and the collection of saham waqf took only two

weeks. According to the waqf officer, the funds

can be collected in a faster rate due to donations

from a corporate body. Currently the palm trees

are reaching the age of maturity and the fruit is

expected to be harvested this year (2014). The

income from this project will be directed and

utilized for the welfare of Muslims, specifically

as financial assistance to mosques, religious

school, orphanages and other projects when

deemed appropriate.

The next successful fully funded project was of

30,000, Tafsir Al-Quran (the exegesis of Al-

Quran). This project aimed to distribute the

Tafsir Al-Quran to religious schools throughout

the state of Johor, to the J-QAF program at

national schools, to government offices, to

hotels and to other sites. The overall cost of the

project was RM1.5 million, and the SWJ fund

has been successfully collected over two years,

beginning in 2011 and ending in 2013.

According to the waqf officer, the printing

process of Tafsir Al-Quran has commenced and

will be distributed in stages.

Another project, successfully developed through

SWJ is a commercial building in Nusajaya. The

total cost of the project construction was

RM1.5million. The construction of the project

was completed within two years from 2011 to

2012. However, the accumulation of SWJ was

relatively slow as it took about three years, from

2011 to 2013. Even though the collection of

SWJ was a bit slow, the project has been

successfully developed within the estimated

period. This is because this project also received

an advance from Baitulmal of Johor. After the

collection of SWJ, the advance fund was paid to

the Baitulmal of Johor. Presently, the

commercial building was rented to the public

with total income of RM6, 400 per month.

The first pending project involved developing

121 religious schools in Johor. The purpose of

this project was to meet the needs of

increasingly demanding religious schools in the

State, in which the existing religious schools

could no longer accommodate the growing

number of students each year. The total cost of

this project is RM 322,645,923.00. From the

total cost, MAIJ will cover only 30%, which is

RM 86,241,274.00, and the rest will be

sponsored by the Johor State Government. The

collection of saham waqf by MAIJ started from

2009, continuing until now. According to the

record (2014), the accumulated saham waqf fund

is RM5 million, and MAIJ are currently working

hard to organize various campaigns for raising

saham waqf funds from the public.

The next project will be funded entirely by SWJ

is the Madrasah Tahfiz. This building is

intended as an educational center based on

Tahfiz Al-Quran, situated in Kluang Johor and

located on a site area of 4.3 acres. This building

is estimated to accommodate 250 students at one

time. The construction cost of this project is

RM13million. So far, the project is still in

planning stage. Construction has not

commenced yet. The collection of SWJ began in

2013 and to date (2014, March) RM3 million

has been collected. The SWJ collection will

continue until the targeted amount is obtained.

The last project listed for funding through SWJ

is the construction project of the Darul Furqan

building. The Darul Furqan building is intended

to be the centre of scholarly studies for Muslims.

It will be a centre for learning of religious




knowledge, and will cover Al - Quran study,

tahfiz3 Al-Quran, Tajweed

4, Taranum

5, learning

Arabic, coaching classes, tafaqquh class,

academic tutoring, and other fields. With a land

area of 493,962 square meters, or 0.1220 acres,

Darul Furqan would be housed in a five story

building, with a basement, and will be equipped

with various facilities such as a classroom,

library, meeting room, VIP room, office space,

seminar halls, dorms for boys and girls, a prayer

room, and other facilities. The cost of the project

is estimated to be at RM6 million. The project is

now at the proposal stage. The SWJ collection

was launched in 2013, and to date (2014,

March), the amount collected is RM1 million.

6.0 COMPARISON OF SELANGOR AND

JOHOR FUND RAISING METHODS

The achievement of saham waqf in Selangor and

Johor are illustrated by the analysis in Table 8.

From perspective of achievement of targets, the

Johor strategy is clear compared to Selangor.

The former has set development targets first

followed by fund raising through saham waqf

while Selangor has not done so. The records

show that such targets are achieved, thereby

indicating effectiveness of the strategy even

though they have taken or would need longer

time. This shows lower return in the first stages

and moderately well in later years. However, if

timeframe, say of two years according to the

normal practice of real estate developers, is

regarded material then Johor has failed in five

projects to achieve its targets (see Table 7). The

period of 14 years is indeed longer time within

which only around five million is raised. The

level of fundraising capacity has been improved

in last 6 years and so is the target setting. Yet,

the deficits of 96 million look serious if one has

to disregard the ambitious target of building 121

schools. However, both big and small projects

have been failed to be completed within time as

illustrated by Table 9. This table shows returns

deficit against the defined targets for each

specific project. On the other hand, it also shows

3 Memorizing Al-Quran

4 Rules governing pronunciation during the recitation of the Qur'an.

5 Kind of Melody in Al-Quran

that in Johor saham waqf funds are well spent,

as there are no funds left unspent.

The effect of Selangor Strategy in terms of

returns is similar in the first stages, and better

compare to Johor in the later years. Since

Selangor has no development targets, the effect

of strategy is difficult to measure. However, if

the average annual investable returns are to be

the yardstick of effectiveness, and be compared

to Johor, Saham waqf Selangor has more funds

and thereby the highest capacity to finance more

projects. For example, its average investable

amount is about RM3569679.5 and

RM3,973,320, which may enable waqf

institution to develop a 7.2 million project

within two years. However, Table 8 indicates

different perspective if the return column is

compared with that of actual investment and the

balance of returns. There are around RM18

million that yet to be invested. Therefore, one

could think funds are not effectively channelled

to socio economic projects.

7.0 DISCUSSIONS AND CONCLUSION

Waqf is designed to meet the needs of society.

Consequently, to assess the effectiveness of

saham waqf on a number of objectives being

attained or the targeted issues solved would be

unrealistic in this point of time, as no funds are

adequate in order to realize all the needs of

society. A reasonable expectation from saham

waqf would be to accumulate enough funds so

that the existing waqf assets are kept developed,

maintained and proportionately contributed to

some needs of society. Such funds should be

available whenever need arises.

This study shows that a project could commence

when there are sufficient funds. This applies

equally to project-based and non-project-based

saham waqf funding. This may have two

implications, primary and secondary. The former

is restricted to waqf property development

projects, while the latter could apply to all socio

economic projects that ought to be undertaken

by waqf institutions. In both contexts saham

waqf may not have ideal effectiveness.

http://en.wikipedia.org/wiki/Recitation

http://en.wikipedia.org/wiki/Qur%27an




The primary indication is that saham waqf may

not be effective when timeframe matters;

otherwise, it might be inefficient in terms of

time. The effectiveness of the strategy may not

be so much of its intrinsic nature but the lack of

external failing factors such as obligations to

outsiders that may play significant role in loss of

projects. On the other hand, the lack of some

positive action such as aggressive marketing or

adopting wrong strategy may be the cause of

ineffectiveness. Whatever is the actual cause, it

is clear that saham waqf so far is not effective

especially in Johor. In Johor, perhaps the wrong

strategy of setting big or unpopular targets is the

cause of some failures.

The study reveals that increase in saham waqf

returns may depend on external factors such as

good marketing and the willingness of public to

donate. This was implied by statement of the

officers of waqf institutions. The increase in

saham waqf returns after 2010 may be evidence

of good publicity, marketing strategy, and

others. However, whether such an effort can be

sustained needs further study. As was indicated

by the officer at the saham waqf department, the

moderate collection in other states was the result

of unsatisfactory awareness campaigns among

the public, lack of qualified staff and others.

n line the fiqhi concept of saham waqf, MAIJ

plans projects and then collect funds. This

method slows down projects and hence a cause

of ineffectiveness. For example, MAIJ has listed

two projects, project A and B, to be funded by

saham waqf at the same time. Both projects

could have failed if the Baitulmal had not come

to the rescue.

Yet, if the entire accumulated fund could be

used, one of the projects could have started and

been completed, and the second could have

started later but its completion would not have

been at risk. Borrowing from baitul mal may

have worked for MAIJ, but may not have been

useful for other institutions, which do not have

access to alternative funds.

According to the above concept waqf institutions

depends on public participation to increase the

returns of saham waqf method, but the public

may not be willing to donate for a variety of

reasons. This may be the cause of the failure of

projects. For instance in Johor, some projects

intended to be financed by saham waqf were

completed by borrowing money from the

treasury (Baitulmal). The collection of saham

waqf was not adequate. This may depend on the

type of project, the effort of the waqf institution,

and the method used for the development of

waqf land. The collected amount was large, but

in some cases saham waqf was not capable of

assisting the waqf institution.

The secondary implication of the study is

negative. The results show that the concept of

saham waqf dictates that the funds to be

converted to real estate development only, which

would remain as real estate waqf, inalienable in

perpetuity. What this could mean is that waqf

institutions would be unable to use the fund

recurrently or in general financing, investment,

operational, and other expenses. Even if illiquid6

real estate to be the only alternative for Saham

6 According to the financial dictionary illiquid refer to assets that are

difficult to sell due to their expense, a shortage of interested buyers and others factor. Real estate and stocks with low trading are one example of illiquid assets. However, this does not mean illiquid assets have no value, because in many cases they may have a very high value, but are simply difficult to sell.

Table 8: Effectiveness of fund raising (Selangor and Johor)

Type of SW Accumulation

period Target Returns

Annual

Average

investable

amount

Actual

amount

invested

Balance

No of

Project

s

pending

projects

Saham waqf

Selangor

Years 2003-2012 0 9991500 999150 7,455,000 2,536,500 5 0

Year 2013-2014 0 14278718 3569679.5 1,060,000 13,218,718 1 0

Saham waqf

(Waqf Selangor

Mu'amalat)

Year 2013-2014 0 7946640 3973320 2821822.56 5124817.44 20 0

Saham waqf

Johor

1993-2008 5,290,000 5,290,000 211600 5,290,000 0 2 0

2009-2014 114200000 18,000,000 3600000 18,000,000 -96,200,000 6 3

Source: Authors (2015)




waqf it would not generate more funds;

adequacy of funds would only depend on the

capacity of nazir to publicize it, and the capacity

of the public to donate.

Even though the newly developed productive

waqf properties can generate liquid funds

through long or short term leasing, usually the

rental value of waqf property is lower than the

market price, and therefore it would be limited.

This therefore would not enable the nazir to

contribute much to the attainment of the waqf

objective in particular to provide extensive

welfare services. There could be none, if the

property were not used productively, as it

happened in Johor where the nazir was unable to

find tenants after the completion of the

properties.

Further, the fiqhi concept of waqf deprives Waqf

institution from realizing the capital appreciation

of real estate’s developed through saham waqf.

According to the general principes of waqf its

assets cannot be freely sold and transferred. Due

to the promise of conversion of cash to waqf real

estate, under saham waqf concept, cash loses its

versatility, and the fund dies with the arrival of

the new completed project. This being so, waqf

institutions cannot generate adequate funds

through investment and development of waqf

lands.

The existence of the saham waqf funds for three

decades is evidence of its value, and its

appreciation by donors. However, its

contribution is moderate. At the current pace, the

fund is capable of financing one medium project

at a time, considering the period of construction

to be within two to three years. Large projects

need to be partially financed with other

resources.

Since not all state waqf institutions have saham

waqf programs, or are not active enough, they

may not be able to provide all or relatively

comprehensive traditional welfare services

through saham waqf. States such as Johor and

Selangor, which have used saham waqf for the

development of income generating real estates,

may also not be able to do so. While the Johor

waqf institution has a comprehensive list of

services compared to the others, it does not

include programs for economic welfare and

empowerment. This inference is presumptive

until further deeper study regarding the actual

use of saham waqf funds is carried out,

especially regarding their income, and the

income to purpose distribution ratio.

In all fairness to waqf institutions, one has to

understand the viewpoint of waqf institutions in

terms of the certainty of the objective of waqf

when it is specific, and planned according to the

actual needs of the community. This could be

the selling point of waqf projects to donors. The

shortcoming of this method, however, is that it

could be time-consuming and slow unless

innovative methods for raising capital are

adopted. Total reliance on this method makes it

unfit for urgent, large-scale projects.

Based on the above issues, this study suggests

the following: Firstly, there is need for a

significant effort from waqf institutions to give

awareness and knowledge to the public.

Secondly, the existing accumulated saham waqf

fund to be invested in more safe and profitable

manner. Fixed deposit accounts which give

profit between 2-4% per annum be used for a

very short term investment purposes.

This study does not discourage any particular

method of raising capital. It however calls for

innovation and refinement. Currently the

revenue and income of many waqf institutions in

several states are small. They may adopt the

MAIS model in order to avoid dependence on

the State government.

Saham waqf may be suggested for the

development of social projects, their

administration, management and maintenance,

together with other methods of financing such as

the re-development of parking lots and other

open spaces for commercial uses, when the

prevailing laws permit it. For productive wqaf

property, one might suggest the traditional cash

waqf which may be used for the purchase of

commodities or related expenses. Here, the

project would be viewed as a commodity that

developed for making profits. Through this,

waqf institutions may enjoy rental income until




market conditions allow them to dispose the

assets, in order to realize its capital gain.

The writers generally suggest cash waqf without

conversion to real estate i.e. making the real

estate as capital of waqf. It does not mean that

the cash waqf cannot be used to purchase real

estate. When cash is used to invest in real estate,

the said property would be a commodity

disposable any time. The cash waqf could also

be used for both construction and operational

capital. Daily administrative expenses, the

maintenance of the property and other needs

require cash capital. The nazir may have an

extra burden to manage the cash fund in such a

way that would enable him or her to preserve the

capital and generate income. This will in turn

make the provision of some social services, such

as healthcare, relatively cheaper but not free.

Where real estate is purchased with cash waqf,

waqf institutions can dispose the real estate

either to self-finance new projects, or to make

profits due to the appreciation of the waqf

property value. It may be that when normal

commercial flexibility is available, the profits

from the selling of waqf assets may finance

small or medium waqf projects, and hence

contribute to the sustainability of waqf

institutions.

To sum, saham waqf can contribute to the

sustainability of the waqf institution, as long as

it is continuously collected. Currently it may

have an equal value of cash waqf in terms of

raising capital, regardless of whether such funds

are adequate for achieving all traditional

objectives of waqf for the needs of all targets

groups. However, the capacity of saham waqf in

terms of income generation is limited to rentals.

For the purpose of capital gain realization,

istibdal may be the way to achieve it but to use

istibdal the needs of the beneficiary or waqf

have to be assessed first. Only when such needs

allow for istibdal, then it can be carried out.

Cash waqf would not have to go through this

process, and hence capital gain realization is

easy.

Over all, one cannot say that saham waqf can

make waqf institutions sustainable and self-

reliant. The option to use saham waqf instead of

cash waqf, as understood traditionally, would

keep these institutions highly dependent on the

allocations from the government, and donations

from the public at best, for a very long time.

Considering the reasons given by other

researchers and their prediction of a potential

dry-up of donations and grants to NGOs, one

may think that at times, waqf institutions could

be unsustainable. To avoid this, waqf

enterprises, as were practiced and undertaken in

other Muslim countries in the past and present,

are needed for income generation, in order to

assure the self-sustainability of waqf institutions.

To do so, instead of utilizing saham waqf,

traditional cash waqf in its developed

commercial format is thought to be the best

solution.

ACKNOWLEDGMENT

The writers are grateful to Ministry of Higher

Education and Universiti Teknologi Malaysia

for their generous grant to support this work.

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