Banking Model of Corporate Waqf: An Analysis of Wakaf Selangor Muamalat

This study aims to analyse the structure of the corporate waqf model applied in “Wakaf Selangor Muamalat” which has been jointly established by Perbadanan Wakaf Selangor (PWS) and Bank Muamalat Malaysia Berhad (BMMB). The paper is an exploratory study primarily based on library research and secondary information. Since “Waqf Selangor Muamalat” was only launched on September 27, 2012, the empirical data of this instrument is not yet available for analysis. BMMB is the first Malaysian Islamic banking institution which partakes in the accumulating and managing of the waqf fund for investment with the State Religious Council. The latest collaboration offers a new dimension of waqf corporate model in Malaysia, specifically as a banking model of corporate waqf. This is the first study on “Waqf Selangor Muamalat” structure since it was launched. The outcome of this study is expected to stimulate more corporate involvement of the banking sectors in activities related to waqf. The outcomes provide support to increase the socio-economic conditions of Muslims especially in health and education aspects.