The structuring for development and management Waqf properties in Malaysia

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.