Sustaining the Means of Sustainability: The Need for Accepting Wakaf (Waqf) Assets in Malaysian Property Market

Mohammad Tahir Sabit

Universiti Teknologi Malaysia

2007/2008

Present legal framework excludes wakaf lands from the land markets and access to credit market

·       Land registration

·       Title security

·       Trading

·       Marketability

·       Equal market value

·       Collateralization

Solutions for legal framework  - a uniform and comprehensive code of wakaf law and amendments to the various state legistations, NLC, Land Acquisition Act-

·       Wakaf as a body corporate capable of holding land

·       Classification of wakaf land as prime, secondary

·       Registration of wakaf lands as wakaf titles

·       Transferability of secondary wakaf lands

·       Leasing of prime wakaf lands

·       Wakaf lands cf leasehold titles – perpetuity?

·       Enforcement of long term leases of wakaf lands – wakaf leases

·       Suitability for collateralization

·       Recognition of these wakaf leases in terms of their value, transferability and collateralization

Valuation of various types of wakaf lands