• Ahmad Khaliq International Islamic University Malaysia and Universiti Teknologi Malaysia https://orcid.org/0000-0003-1457-979X
  • Nazimah Hussin Azman Hashim International Business School (AHIBS), Universiti Teknologi Malaysia
  • Mohammad Tahir Sabit Haji Mohammad Civil Law Department, Ahmad Ibrahim Kulliyyah of Law, International Islamic University Malaysia
Keywords: Cash Waqf, Socio-Economic, Unit Trust, Waqf Management, Malaysia


With poverty and unemployment is still the paramount concern across the globe, a study on Waqf and capital market integrations is certainly a timely call for sustainable socio-economic development. The aim of this paper is to revisit the literature on the issue of illiquidity of Waqf assets and eradicate the dependency on government provision. To ensure the sustainability of Waqf institutions, financing apparatus primarily designed for Waqf assets are explored. The study proposes a viable integration of Waqf and capital market apparatus of Unit Trust investments based on the Shariah-compliant standards ratified by the Security Commission of Malaysia (SCM) guidelines. The study opts for thematic analysis method of the existing literature on Waqf financing. The finding indicates that there is a need for a novel apparatus such Waqf unit trust instrument through cash Waqf and share Waqf to realizes greater Waqf funds accumulation, investment, and distribution. It is highly advocated that the income of investment be optimally utilized for socio-economic projects. This study realizes as one of the pioneer endeavours to pool Waqf fund via unit trust model as its sources and exhibit management undertakings of the model.

Author Biographies

Ahmad Khaliq, International Islamic University Malaysia and Universiti Teknologi Malaysia

Mr Ahmad Khaliq is an active researcher in the area of Finance based in Kuala Lumpur, Malaysia. Holds a Bachelor of Business Administration (Hons) major in the field of Finance and Master of Science in Finance from International Islamic University Malaysia (IIUM). He is passionate about people's empowerment especially in education and enriches fellowship to realize their abilities and potential for greater qualities of lives.

The research area of interest includes financial management, Islamic banking and finance, Waqf financing and corporate finance. Presented and published several academic paper and journals at numbers of conferences held locally and internationally.
Has been awarded distinguished paper award in 2015 International Symposium on Business and Management – Fall Season held in Kyoto, Japan.

Ahmad Khaliq is correspondingly devoted as an Academic Fellow at the Department of Finance, Kulliyyah of Economics and Management Sciences, IIUM. He is currently pursuing a Doctoral degree program in Business at Azman Hashim International Business School, University Technology of Malaysia (UTM) and the research area of the dissertation is in the field of Waqf financing and Islamic capital market.

Nazimah Hussin, Azman Hashim International Business School (AHIBS), Universiti Teknologi Malaysia

Dr Nazimah Hussin is a Senior Lecturer at Azman Hashim International Business School UTM. She has a PhD from Durham University, MSc from Loughborough University and BSc from Arizona State University.
She has more than 17 years of teaching experience and has been awarded the fellowship status from the Higher Education Academy.
She supervises Master and PhD students and has graduated some of them. She
has also completed several research grants.
Dr Nazimah has also been appointed as the examiner, panellist, chairperson and reviewer relating to the academic activities especially involving postgraduate students.
She writes articles related to Islamic finance and services marketing and has published more than 30 articles in refereed indexed journals.

Mohammad Tahir Sabit Haji Mohammad, Civil Law Department, Ahmad Ibrahim Kulliyyah of Law, International Islamic University Malaysia

Dr Mohammad Tahir Sabit Hj Mohammad currently is an Assoc. Prof. at the Ahmad Ibrahim Kulliyyah of Law at the Civil Law Department of International Islamic University (IIUM).
He has more than 20 years plus of teaching experiences in numbers of public universities such as UTM, UTHM and also IIUM. He managed to secure and complete several research grants and is an active researcher in the area of Civil Law, Real Estate, Islamic Banking and Finance, Waqf, and Maqasid Shariah. Has a vast experience to supervise Master and PhD students and has graduated some of them.


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How to Cite
Khaliq, A., Hussin, N., & Haji Mohammad, M. T. S. (2019). WAQF UNIT TRUST AS AN ALTERNATE MODEL TO REALIZE WAQF SUSTAINABILITY. European Journal of Islamic Finance, (13). https://doi.org/10.13135/2421-2172/3623