Application of technology to improve waqf performance / Dr. Dahlia Ibrahim and Dr. Zuraidah Mohamed Isa

Islamic finance is becoming more and more popular these days. In order to help lessen income inequality between rich and poor people, the Maslahat of all Muslims can also address the goals of Maqasid Al Shariah by directing funds through non-bank Islamic Financial Institutions (NBFIs) to those in need. Money from waqf, zakat, charity, and other sources can be used to fund non-bank investments made by NBFIs. The amount of money from these sources can be enormous. The neoclassical conflict model of two well-practiced (publicprivate) models is being replaced by the cooperation model, which gave rise to the Non-Bank Islamic Financial Institutions (NBFIs), which are regarded as the "third sector" in the economy. After the establishment of Islamic banks and an Islamic capital market, Malaysia developed NBFIs under the third phase of a financial system that complies with Shariah. The former second finance minister, Tan Sri Nor Mohamed Yakcop, also noted that although certain NBFI components, such as Tabung Haji, are also well-established, there has been a great deal of attention paid in the last 20 years to the development of the Islamic banking system (Malaysia to focus on non-bank financial institutions, 2004). Even so, one crucial NBFI component like waqf have not yet been able to establish its role. Waqf, according to Hadi (2009), means to hold onto or preserve. The word waqafa is Arabic in origin. Waqf can mean "to stop, halt, or freeze," where the original owner of the property loses control when waqf is created (Ansari, 2013). Waqf can play a major role in eliminating poverty among the ummah as the benefits of it can be passed on to the needy. Nevertheless, the inability to pay for labor and other expenses associated with running the waqf, along with other problems like inaccurate listings of waqf and its types, are preventing the waqf from achieving its ultimate goal (Johari & Mohammad, 2013). In particular, waqf's performance has not improved due to inefficient management (Mustaffa et al., 2022).