This article discusses several potential waqf instruments in higher education. It examines the potential financing instruments of higher education in using waqf instruments in the development of waqf at the State Islamic Religious Council (MAIN). This study was conducted by interviewing five Islamic Religious Council (MAIWP), Selangor Wakaf Corporation (PWS), Negeri Sembilan Wakaf Corporation (PWNS), Johor State Islamic Council MAINJ) and Penang State Islamic Religious Council (MAINPP). As commonly known, MAIN is the sole trustee of a waqf estate in the country. Therefore, the instruments that have been implemented in MAIN are more practical for higher education. In addition, the discussions in this article also put forward several proposals to realise waqf instruments in higher education.
Essentially, sharīʿah is aimed at the realisation of benefits (tahqīq al-maṣāliḥ) for all mankind in this worldly life and the Hereafter. The realisation can be achieved either through promoting what is good and beneficial (jalb al-maṣlaḥaḥ); or preventing what is evil and harmful (dafʿ al-mafsadah). To achieve such an objective, man must abide by sharīʿah laws. Theoretically, practising Muslims will observe all sharīʿah requirements. Subsequently, this will result in quality performance in all aspects of life, be it spiritual, individual, social, intellectual and economic. Moreover, compliance to sharīʿah will not only result in quality performance but also will minimise the risk exposure of individuals and organisations. On the other hand, non-compliance with sharīʿah principles is a risk that could potentially give rise to negative effects on personal and institutional wellbeing. Using the analogy of positive relationship between sharīʿah compliance and risk mitigation, the article seeks to explore the relationship between the concept of sharīʿah compliance and risk mitigation. In order to make the analogy relevant with contemporary organisational management, the scope of study is narrowed down to the MS 1900-certified companies. This study is descriptive in nature involving review and analysis of academic works of other scholars and ISO documents.
Muḍārabah is a contract of profit-sharing known as partnership in capital and labour. Its concept and practices were notable in the history of Muslims specifically after its incorporation in the fiqh literatures that have spread to the entire education and economic institutions in the Muslim world. It combines two parties: those who have capital and those who are skilful in business to achieve a common economic objective underpinned by the Sharīʿah. This study analyses the work of al- Mabsūṭ by al-Sarakhsī (d. 483 A.H./1090 C.E.), an accomplished Hanafī jurist (fāqih) in the fifth/ eleventh century, pertaining to muḍārabah drawn from the analysis of the first chapter of the book titled Kitāb al-Muḍārabah. This study is significant as it fills the lacuna in the historiography of Islamic economic thought by focusing on al-Sarakhsī’s epistemic framework and definition of muḍārabah, as well as extending in its coverage from the individual to the institutional. It is a testimony of how Muslims conducted their economic activities based on the intellectual framework and moral guidance underlined by the Sharīʿah.