Joint Venture Modes in the Development of Waqf Properties

by Mohammad Tahir Sabit Mohammad
2007 Universiti Teknologi Malaysia, EPrints

Financing of waqf lands development
• Joint ventures – mudarabah or musharakah mutanaqisah
• Issues of ownership of waqf land post development, as opposed to ownership of building
Legal impediments
• Malaysia – non transferability of waqf lands under the respective State Islamic Administration Enactments
• NLC – Torrens system – buildings on land recognized as part of land
Solutions
• Setting up of a Waqf Holdings Corporation as a body corporate to carry out the transactions
• Licence of land coupled with equity in building