Photo for illustrative purposes only. Men praying outside the national mosque after it reached full capacity amid physical distancing restrictions, on Friday, May 15, 2020. Abdul Razak Latif/Shutterstock

Islamic Finance

Malaysia needs waqf law overhaul to revitalise the sector, say experts


KUALA LUMPUR - A shabby plot of land on Jalan Ipoh, one of the main arterial roads into Kuala Lumpur, continues to lie vacant after many years while the blocks around it have sprung high-rise offices, shops and food outlets.

It is unlikely this lot will be developed as long as Malaysia’s restrictive waqf laws remain in place, even though developers have been clamouring to transform the land.

The fault of this plot is that it was bequeathed for the specific purpose of accommodating a mosque. As the law stands, the land parcel can only be developed in this way, which would in turn bring it in direct competition with a sizeable, established mosque, Masjid Abu Hurairah barely 100 metres along the road.

Continue reading

Free, in under 30 seconds

Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.

Joined by 12,000+ Islamic economy professionals
  • 5 free articles every month
  • Weekly Islamic-economy newsletter
  • Save articles to read later

tags:

Awqaf
Waqf
Endowments