The Role of Islamic Bank as Providers of Islamic Wealth Management in Enhancing the Potential of Waqf Funds
DOI:
https://doi.org/10.21111/al-iktisab.v1i1.2381Keywords:
Islamic banks, wealth management, waqf funds, social welfareAbstract
The purpose of this paper is to analyze the role of Islamic banks as providers ofIslamic wealth management product in relation with the enhancement of waqf funds.Theauthors use qualitative research that refers to the meanings, concepts, definitions,characteristics, metaphors, symbols and descriptions of the matter understudy by employscontent and descriptive analysis in order to get finding of the study. The data collectionis generated from Islamic sources: Qur’an, Sunnah and some Islamic literatures, andother sources such as books, journals, report documents, magazines and articles frominternet. These sources will be put in to coding and analyzed to answer the researchproblem of study. The role of Islamic wealth management is not only focusing on worldlyinvestment helping the clients’ need, but also hereafter investment. One of the instrumentsof wealth distribution that can be used for hereafter investment is waqf that helps theclients’ wealth to obtain blessing (barâkah) of Allah. By waqf, Islamic wealth managementinstrument can accomodate all models of waqf funds from cash waqf, insurance waqf,corporate waqf, etc. There are three options to of putting their wealth in waqf funds,they are: (i) family waqf, (ii) public waqf, and (iii) combination of waqf. All benefits ofthese waqf can contribute the the development of ummah. This paper is one of the veryfew conceptual studies concerning the practice of Islamic banking in implementing theproduct of wealth management for social purposes which is enhancement of waqf fundsfor the benefit of ummah.
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Nature of Infaq and Its Effects on Distribution of Wealth.”
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Manisha Ashiya (Ed.), Wealth Management: An Introduction.
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Pursuit of Positive-Sum Solutions,” Islamic Economic Studies,
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Management: An Introductio, ed. Manisha Ashiya. India: The
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middle-east-boon-or-bust.
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Balance Approach to Wealth Creation, Accumulation and
Distribution. Eds. Ismail Noor. Malaysia: Pelanduk Publication,
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Issues 5 (2012).
Sinâ, Ibn. Kitab al-Siyâsah. ed. Louis Ma’luf, in Louis Cheikho et.
al, Maqâlat Falsafiyyah Qadi>mah li Ba’di Masya>hi>rih Fa>la>sifah
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Ka>tsu>li>kiyyah lil Aba>i al-yasu>’iyyin, 1991.
Schneider, Michael. The Distribution of Wealth. UK: Edwar Elgar
Publishing, Inc, 2004.
Shalleh, Muhammad Syukri. “Rethinking Wealth Management:
An Islamic Preliminary View”. International Journal of Business
and Social Sciences, Vol 3 No. 13 (2012): 232-236.
Shafii, Zurina; Zahinah Mohd. Yusoff, and Shahizan Md. Noh.
Islamic Financial Planning and Wealth Management, Kuala
Lumpur: IBFIM, 2013.
Trodey, John. Is Geneva Private Banking Right for You?,
www.articlebase,com, accessed on 3 March 2013.
“The Wealth Management Solution”. Journal of Accountancy, vol.
197 No. 5 (2005).
Wilson, Rodney. Marketing and Promoting Islamic Wealth
Management: The Role of Regulators, Islamic Financial
Institutions and Financial Planner, from http://
www.faa.org.my. accessed on June 24, 2015
Webster’s New Explorer Encyclopedic Dictionary. USA: Merriam-
Webster, 2006.
Webster’s New World Thesaurus. USA: Simon & Schuster, Inc, 1971.
Zuhaili, Wahbah. Al-Fiqhul Al-Islami wa Adillatuhu. Juz VIII.
Damaskus: Darul fikri, 2007.
https://www.worldwealthreport.com. Accessed on June 20, 2015.
Prospects.” In (eds) Syed Khalid Rashid & Aruf Hassan Waqf
Laws and Management: With Special reference to Malaysia,
2012, 172-183.
Abd Azis, Muhammad Ridhwan. Introduction to Islamic Institutions
in Economic and Finance. Usim Publisher: Malaysia, 2012.
Al-Dimasqi, Abu Fadhl Ja’far Ibn ‘Ali al. Al-Isyârah ila Mahâsin al-
Tijârah. Tahqiq: Al-Basyri al-Syauzabahi. Kairo: Maktabah al-
Kuliyyah al-Azhariyyah, 1977.
AlKhabeer Capital launchs its “Waqf” Progaram: A new business
line for structuring Waqf entities. May 11, 2015. Retrieved
25 June, 2015 from http://www.alkhabeer.com/press-releases/
alkhabeer-capital-launches-its-waqf-program.
Alim, Emmy Abdul. Islamic Finance: Industry Milestones and
Reflections. Wiley: Singapore, 2014.
Ahmed, Karent Hunt. “Globalization and Islamic Finance: Flows
and Consciousness.” In Karent Hunt Ahmed Contemporary
Islamic Finance: Innovations, Applications, and Best Practices.
Canada: John Wiley & Sons, Inc, 2013.
Ariff, Mohamed and Mohamed, Shamser. Islamic Wealth
Management and Issues in Waqf Managemetn in Malaysia.
2013, February 21, from http://labuanibfc.com/, accessed on
June 18, 2015.
Aziz, Farooq, Mahmud, Muhammad and ul Karim, Emad. “The
Nature of Infaq and Its Effects on Distribution of Wealth.”
KASBIT Business Journal, 1(1) (2008): 44-48.
Ashiya, Manish. (2007). Introction to Wealth Management. In
Manisha Ashiya (Ed.), Wealth Management: An Introduction.
India: The Icfai University Press.
Çizakça, Murat. “Islamic Wealth Management in History and at
Present”. JKAU: Islamic Econ., Vol 28 Issue 1 (2015).
Collins Cobuild Advance Learner’s English Dictionary. UK: Harper
Collins Publishers, 2006.
Farooq, Mohammad Omar, “Islamic Wealth Management and the
Pursuit of Positive-Sum Solutions,” Islamic Economic Studies,
Vol. 22 No. 2 (2014): 99-124.
Grzeskiewics, Grzegors & Kozlinski, Tomasz. “High Net Worth
Individuals: The Client of Private Banking” In Wealth
Management: An Introductio, ed. Manisha Ashiya. India: The
Icfai University Press, 2007.
Hammad, Nazih. Mu’jam al-Mushthalahat al-Mâliyah wa al-
Iqthishâd fi Lughatil Fuqahâ. Damaskus: Darul Qalam, 2008.
Hanefah, Hajah Mustafa Mohd, Jalil, Abdullaah, Mohd. Asharaf
Ramli. Waqf Models in Iskandar Malaysia: An Analysis. 4th
Islamic Banking, Accounting and Finance Seminar. Gombak:
International Islamic University Malaysia, 2010.
Hashim ABM. “The Collection of Waqf through Insurance
Companies: A Critical Analysis on the Malaysian Experience.”
Rev. Islamic Econ., Vol 11 Issue 1 (2010): 63-74.
Introduction to Islamic Capital Market: Securities Commision Malaysia.
Malaysia: LexisNexis Sdn Bhd, 2009.
Johari, Fuada & Alias. Mohammad Haji. “Potential of Waqf Funds
and Instruments in Contemporary Economic System.” Paper
Proceeding of the 5th Islamic Economics System Conference
(iECONS 2013), “Sustainable Development Through TheIslamic Economics System”, Organized By Faculty
Economics And Muamalat, Universiti Sains Islam Malaysia,
Berjaya Times Square Hotel, Kuala Lumpur, 4-5th September
2013.
Ibrahim, Dahlia Binti & Ibrahim. Halindar Binti. “Revitalization of
Islamic Trust Institutions through Corporate Waqf”. Paper
proceeding of 4th International Conference on Business and
Economic Research. Golden Flower Hotel, Bandung Indonesia,
March 4-5, 2013.
Islamic Wealth Management Report 2012. from http://
www.sarasin.ch, accessed on 23 April 2013.
“Islamic Wealth Management: The Rise of the Rice Investor.” Islamic
Finance News. November, 2012, 1-33.
Islamic Wealth Management Report 2012. from http://
www.sarasin.ch, on 23 April 2015.
Kafh, Monzer. Al-Waqf Al-Islami: Thatawwaruhu, Idâratuhu,
Tanmiyatuhu. Beirut: Darul Fikri al-Mu’âshir, 2000.
Khrisna Rao, T S Rama. “Wealth Management: The New Kid on
the Block” In Wealth Management: An Introduction, ed.
Manisha Ashiya. India: The Icfai University Press, 2007.
L. Berg, Bruce. Qualitative Research Methods: For the Social Sciences.
USA: Pearson Education Inc, 1989.
Massie, Joseph L. Essentials of Management. USA: Prentice Hall,
1987.
Maude, David. Global Private Banking and Wealth Management:
The New Realities. England: John Wiley & Sons Ltd, 2006.
Michael, Bryane. (Juli 23, 2012). The Wealth Management Industry
in the Middle East: Boon or Bust?. Accessed on June 18, 2015,
from http://www.mei.edu/content/wealth-managementindustry-
middle-east-boon-or-bust.
Mohamad, Shukeri. ( “Maqasid al-Syariah Dalam Pengurusan
Harta”. Monograf Syariah, Vol. 44 (1996): 1-25.
Nik Yusoff, Nik Mohamed Affandi Bin. Islam and Wealth: The
Balance Approach to Wealth Creation, Accumulation and
Distribution. Eds. Ismail Noor. Malaysia: Pelanduk Publication,
2001.
Rasban, Sadali. Personal Wealth Management for Muslim (PWMM).
Singapore: Kerjaya Printing Industries Pte Ld, 2006.
Robbins, Stephen p. and Coulter, Mary. Management. USA: Prentice
Hall, 1991.
Ronald, F Duska. “What’s the Wealth in Wealth Management?”
Journal of Financial Service Professionals. September, Vol. 66
Issues 5 (2012).
Sinâ, Ibn. Kitab al-Siyâsah. ed. Louis Ma’luf, in Louis Cheikho et.
al, Maqâlat Falsafiyyah Qadi>mah li Ba’di Masya>hi>rih Fa>la>sifah
al-‘arab Muslimin wa Nasara, Beirut: al-Matba’ al-
Ka>tsu>li>kiyyah lil Aba>i al-yasu>’iyyin, 1991.
Schneider, Michael. The Distribution of Wealth. UK: Edwar Elgar
Publishing, Inc, 2004.
Shalleh, Muhammad Syukri. “Rethinking Wealth Management:
An Islamic Preliminary View”. International Journal of Business
and Social Sciences, Vol 3 No. 13 (2012): 232-236.
Shafii, Zurina; Zahinah Mohd. Yusoff, and Shahizan Md. Noh.
Islamic Financial Planning and Wealth Management, Kuala
Lumpur: IBFIM, 2013.
Trodey, John. Is Geneva Private Banking Right for You?,
www.articlebase,com, accessed on 3 March 2013.
“The Wealth Management Solution”. Journal of Accountancy, vol.
197 No. 5 (2005).
Wilson, Rodney. Marketing and Promoting Islamic Wealth
Management: The Role of Regulators, Islamic Financial
Institutions and Financial Planner, from http://
www.faa.org.my. accessed on June 24, 2015
Webster’s New Explorer Encyclopedic Dictionary. USA: Merriam-
Webster, 2006.
Webster’s New World Thesaurus. USA: Simon & Schuster, Inc, 1971.
Zuhaili, Wahbah. Al-Fiqhul Al-Islami wa Adillatuhu. Juz VIII.
Damaskus: Darul fikri, 2007.
https://www.worldwealthreport.com. Accessed on June 20, 2015.
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Published
2017-05-31
How to Cite
Ismail, Nurizal, and Eko Nur Cahyo. 2017. “The Role of Islamic Bank As Providers of Islamic Wealth Management in Enhancing the Potential of Waqf Funds”. AL-IKTISAB: Journal of Islamic Economic Law 1 (1):35-54. https://doi.org/10.21111/al-iktisab.v1i1.2381.
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