Vol. 9 No. 1 (May 2015)

-By Fauziah Raji, Muhammad Tahir Sabit Muhammad, Ismail Omar

Abstract

Waqf, in Arabic, means hold, confinement or prohibition. According to Shari‟ah, waqf means holding a property
and preserving it so that its fruits, revenues or usufruct is used exclusively for the benefit of an objective of
righteousness while prohibiting any use or disposition of it outside its specific objective (Khaf, 1998; 2003; 2011).
Traditional assets for waqf were usually real estate. Since real estate is limited in supply and very expensive, such
issues might reduce the popularity of real estate for waqf. There is pertinent need to look at other assets for waqf.
Intellectual property (IP) is referred to as assets with the capability of generating revenue, decreasing costs,
expanding and protecting competitive positions, enhancing customer value propositions, and increasing the
attractiveness of businesses (Prashar & Aggrarwal, 2009) and refers to ownership of property that is distinct from
personal property or real estate as IP are products of human mind or intellect. Several Muslim scholars concede that
after examining the Quran and Sunah, the owner of intellectual property is entitled for legal entitlements. Malkawi,
Bashar H. (2013), concurs and puts forth that with the exception of the Hanafi School, the other three Schools
Maliki, Shafi‟I and Hanbali, accept IP as a species of property. Hence IP is an asset that should be seriously
contemplated for waqf. Although it is an intangible, it (IP) has properties that make it valuable. IP has value attached
since it can be assigned (sold), licensed, manufactured and franchised.

Keywords: Waqf, Asset, IP

01_INTELLECTUAL PROPERTY AN ASSET FOR AWQAF

-By Mohammad Tahir Sabit Haji MohammadAbstract

This study was aimed to find the rate of success of the alternative tools for the transfer of properties from one
generation to the next, among which Muslim wills (wasiyah) were examined. The theoretical concept of wills in
Islamic law was used to assess the applied instruments of wills. Opinions of practitioners were sought for the
determination of the rate of success of wills among Muslim citizens of Malaysia. The study finds that there is a
steady increase in the number of new will document being drafted and executed. However, the number is still small
compare to the majority of Muslims among the 30 million Malaysians. This was attributed to the mindset of
Muslims and the lack of education about the benefits of wills.

Keywords: Wasiyah, Muslim wills, Faraid, Testamentary documents

02_THE CONTEMPORARY APPLICATION OF WASIYAH (MUSLIM WILL) IN MALAYSIA

-By Tiong Chai Ping and Rohaya Abdul Jalil

Abstract

The aim of this paper is to review the performance of Malaysia REITs based on property type. Previous study has found that Malaysian REITs received poor response from investors both local and international. The study had shown that the underperformance of Malaysian REITs was linked to the unique characteristics of REITs’ property allocation. Some studies on REITs or real estate portfolio, however, have used property type as the determinant to examine their risk and return performance. This may show that the property type is the important determinant which can influence the performance of REITs. The lack of local study on this determinant of influence on performance of Malaysian REITs is a research gap, which needs to be explored that can provide more insight of it.

Keywords:  Diversification, Economic location, Property Types, REITs

03_A LITERATURE REVIEW ON DIVERSIFICATION STRATEGY OF MALAYSIAN REAL ESTATE INVESTMENT TRUST (M-REIT) AND ITS PERFORMANCE