SHARIA PRINCIPLES IN IMPLEMENTING CORPORATE WAQF

Abstract

This article explores the compelling paradigm of fiqh as the legal foundation in the development of corporate waqf and identifies the characteristics of corporate waqf. The existence of new entities in the form of a corporation in the development of waqf currently requires a strong foundation, especially from the legal aspect, so it is necessary to explore the concepts of existing waqf. By conducting a series of in-depth interviews with muftis in Indonesia and Malaysia, reviewing the documentation of the fatwa and FGD with the Badan Wakaf  Indonesia, Waqaf An-Nur Corporation J-Corp, and Awqaf Holding Malaysia, this article reports on the Islamic legal principles on corporate waqf entity. Contextual interpretation of waqf concepts such as the pillars of the development of waqf corporation is the share as mauquf bih, corporate entities as nazir, waqf mustarak, istibdal waqf, waqf li nafishi, and the administrative of share waqf. There are three characteristics of corporate waqf: a kind of asset management of productive waqf, a joint share corporation based waqf, and an entity nazhir integrated one. Corporate waqf is very important as a breakthrough in efforts to create institutions capable of managing the assets and benefits of waqf sustainably.