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Framework for international waqf foundation

In: Islamic Wealth Management

Author

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  • Jamaliah Abdul Thahir

Abstract

Waqf literally means holding or preserving certain property that continuously benefits specified beneficiaries for religious and charitable purposes as recognized by the Shariah. The aim here is to seek the pleasure of God to perpetuate good deeds by using wealth. In the contemporary environment, waqf can be incorporated under foundation laws that allows for dynamic wealth transfer, dynastic planning and inheritance management protected within a tax-efficient legal entity. This chapter provides details on the setting up of behest at the Labuan International waqf Foundation (LIWF) as an Islamic foundation to hold and manage properties for identified beneficiaries. The advantages of managing properties under this foundation, using the different types of waqfs under the LIWC, their economic potential and dispute resolution mechanism are in place to safeguard the behest from challenges.

Suggested Citation

  • Jamaliah Abdul Thahir, 2017. "Framework for international waqf foundation," Chapters, in: Mohamed Ariff & Shamsher Mohamad (ed.), Islamic Wealth Management, chapter 18, pages 320-348, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17781_18
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    Keywords

    Asian Studies; Economics and Finance;

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