THE ROLES OF ISLAMIC SOCIAL FINANCE IN THE ERA OF POST-COVID-19: POSSIBLE PROSPECTS OF WAQF INSTITUTIONS FOR ECONOMIC REVIVAL

Abstract

This paper sought to provide an overview of current waqf projects and revenue generation activities by waqf institutions in Malaysia and to further analyse the roles that waqf institutions can play, along with their potential prospects, in helping to stabilise the economic struggle faced during the post-Covid-19 period, especially among vulnerable groups of people and society at large. The findings showed that there is currently positive progress and growth in waqf projects, although some realignment is needed to meet the needs of society in the post-pandemic period. The current waqf model, in particular the cash waqf initiative, needs to be improved to allow for the implementation of a comprehensive economic survival plan through waqf instruments.