In order to manage waqf assets in a professional way, there are various ways to formulate innovative Islamic legal and administrative frameworks based on ijtihad (Abu Saad, 2001), and the variables needed for any socioeconomic development are namely participatory political economy, appropriate technological change, Islamic financial instruments of economic participation, and cooperation of the people (Choudhury, 2003). Cizakca (2004) also suggested a model in which the concept of cash waqf can be used in contemporary times to serve the social objectives in society.
According to Hassan (2010), in order to achieve this, two things are essential. Firstly, existing endowments or waqf must be better managed and used to enhance the security of tenure and in the interest of the needy community. Secondly, future endowments (waqf) must be used for resource redistribution and to strengthen civil society. “Continuous charity” is one of the main characteristics of waqf (Kahf, 2004). Al-Jayyousi (2012) notes that the permanent nature of waqf resulted in the accumulation of waqf properties all over the Muslim lands, and the variety of its objectives provides support for widespread religious and philanthropic activities.
Waqf assets are employed for the purpose of repeatedly extracting their usufruct with the objective of representing righteousness or philanthropy. Hence, as long as its principal is preserved, the waqf is a continuously usufruct-giving asset (Kahf, 2007). The waqf should be seen as a welfare institution in a civil society providing public space, thereby capable of promoting democratization and good governance (Sait & Lim, 2006). Hamza (2002) envisions improving the waqf institution by adopting modern business management techniques to transform it into a transparent and responsive institution.
