The role of waqf towards the socioeconomic development: Analysis on ``Bazar Wakaf Rakyat'' projects

• Main Authors: Suhaimi, Farhana Mohamad, Ab Rahman, Asmak
• Format: Article
• Published: Penerbit Universiti Kebangsaan Malaysia 2021
• Subjects: BL Religion
• Online Access: http://eprints.um.edu.my/35195/

This article examines Bazar Wakaf Rakyat (BWR) projects developed by Yayasan Waqaf Malaysia (YWM). The purpose of the BWR projects is to develop waqf lands as well as generate income from waqf assets. The development of BWR projects in the mosque area aims at developing the socioeconomic of the local community. The qualitative study uses informations from interviews as its primary source and relevant documents as its secondary sources. It involves a study conducted at five states in Peninsular Malaysia namely Penang, Selangor, Federal Territory, Johor and Kelantan. This study aims at 3 objectives. Firstly, it analyses the principles and implementations of BWR projects under the Yayasan Waqaf Malaysia. Secondly, it identifies the impact of its implementation on the economy of the local community. This studyfinds that BWR projects do contribute towards the economy of the local society in 3 ways. First of all, BWR projects optimise the use of land resources. They also stimulate economic activities in the society, generate productions and create new job opportunities. BWR projects are also seen to be beneficial to the local community when the revenue generated by the mosque management is reused for public interest such as maintenance of the mosque and organization of spiritual and community activities for the interests of public and country.