There are several methods that can be utilized to enhance the productivity
of endownment (waqf) assets. These assets can be rented out to interested
parties or used for various economic activities such as agriculture and
livestock farming. In cases where the above methods are deemed
unsuitable, then the Nazir should try to find other alternatives to make the
waqf land productive. Endownment (waqf) trustees should also explore
other avenues to optimize the usage of endowment land under their care.
Thus, real estate investment can be used as an alternative to develop the
endowment land. Real estate/property investment on waqf assets can be
implemented by constructing commercial buildings such as supermarkets,
accommodation (hotels) and residential estates. The development of these
lands will lead to the creation of new waqf assets. This research is
undertaken to study the methods used to commercially develop a Waqf
land located in Seberang Jaya, Penang carried out by the Islamic Religious
Council of Pulau Pinang (IRCPP) with UDA Holding Bhd. management
expertise and cooperation, the productivity of a waqf land (known as Settee
Aishah) was optimised and successfully developed into a residential estate
known as Settee Aishah Waqf Residential Estate.
