The Role of Islamic Bank as Providers of Islamic Wealth Management in Enhancing the Potential of Waqf Funds

Nurizal Ismail, Eko Nur Cahyo

Abstract

The purpose of this paper is to analyze the role of Islamic banks as providers of
Islamic wealth management product in relation with the enhancement of waqf funds.The
authors use qualitative research that refers to the meanings, concepts, definitions,
characteristics, metaphors, symbols and descriptions of the matter understudy by employs
content and descriptive analysis in order to get finding of the study. The data collection
is generated from Islamic sources: Qur’an, Sunnah and some Islamic literatures, and
other sources such as books, journals, report documents, magazines and articles from
internet. These sources will be put in to coding and analyzed to answer the research
problem of study. The role of Islamic wealth management is not only focusing on worldly
investment helping the clients’ need, but also hereafter investment. One of the instruments
of wealth distribution that can be used for hereafter investment is waqf that helps the
clients’ wealth to obtain blessing (barâkah) of Allah. By waqf, Islamic wealth management
instrument 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 of
these waqf can contribute the the development of ummah. This paper is one of the very
few conceptual studies concerning the practice of Islamic banking in implementing the
product of wealth management for social purposes which is enhancement of waqf funds
for the benefit of ummah.

Keywords

Islamic banks; wealth management; waqf funds; social welfare

Full Text:

PDF

Article Metrics

Abstract view : 2 times
PDF - 17 times

Refbacks

  • There are currently no refbacks.