Waqf Land Development Methodology Model

Abstract

Traditionally, concentration of Waqf Land utilisations are mostly confining to the construction of mosques, grave yards, orphanage centres and old folks homes and the likes.  Without doubt those are important and significant institutions, however there should also be creative and innovative ways of developing Waqf Land while in the meantime not to ignore the traditional utilisations of Waqf Land.  Real estate is one of the most effective investment venture, and with professionally managed systems and efficient project planning and implementations, Waqf Land can yield very good return in both Monetary and Non-Monetary.  The thousands of acres of the undeveloped Waqf Land in Malaysia and perhaps hundreds of thousands of acres or even millions of acres worldwide must be tackled in a holistic, systematic and efficient manner.  The accelerated demand for housing, shop houses other real estate development components resulted in tremendous escalation of prices that are beyond the affordability of the ordinary people, must be resolved amicably.  The objective of this paper is to highlight the key components of Real Estate Development’s Financial Feasibility Study and the Development Model of Waqf Land as adopted by UME Sdn Bhd.  The optimum development of Waqf Land hopefully can cushion this scenario. Cases of success stories of the real estate developments will be highlighted and discussed.  By adopting an appropriate development methodology model and some improvements of relevant fatwas, hopefully it acts as a guide for a more sustainable Waqf Land development.