Framework for international waqf foundation

Jamaliah Abdul Thahir

Chapter 18 in Islamic Wealth Management, 2017, pp 320-348 from Edward Elgar Publishing

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.

Keywords: Asian Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2017
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