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Journal: International Journal of Advanced Research (Vol.12, No. 06)

Publication Date:

Authors : ; ;

Page : 28-46

Keywords : Temporary Waqf Waqf Muaqqat Financial Statement;

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Waqf is one of the important instruments in Muslims economic development. Through waqf, long-term assets that generate income flows can be created and preserved. These assets clearly assist in the generation and creation of wealth. Waqf has the potential to play a significant role in poverty eradication by focusing its benefits on the poor. Most Malaysian states, as indicated in the State Administration of Islamic Law Enactment and the State Waqf Enactment, impose only on perpetuity property based on the Shafiiy school of law. However, there are certain states allowed the implementation of temporary waqf such as Johor, Terengganu, Federal Territory of Kuala Lumpur, and Sarawak. Thus, the purpose of this article is to investigate the barriers to the implementation of temperory waqf in Malaysia, as well as the financial recording. This paper also provides recommendations in the recognition, measurement and disclosure for wakafmuaqqat in the financial statements. This paper has conducted inductive and deductive methods. In this qualitative research, data has been collected by using library research, observations, and interview with some respondents related to wakaf such as Deputy Executive of State Waqf in Selangor and Waqf Manager in Yayasan Canselor University Kebangsaan Malaysia. The result of this paper shows that there are problems in terms of legislation obstacles, lack of expert manpower in managing waqf, and problem of Baitulmals administration that is inefficient and unsystematic. This paper also gives some recommendations in the recognition, measurement and disclosure for temperory waqf in the financial statements.

Last modified: 2024-06-27 15:58:44