CORPORATE WAQF: ALIGNING MAQASID SHARIAH WITH ISLAMIC CAPITAL MARKET
DOI:
https://doi.org/10.33102/ht0s4d12Keywords:
Corporate Waqf, Maqasid, Islamic Capital MarketAbstract
This study examines the integration of corporate waqf models within the Islamic Capital Market (ICM) and evaluates how this alignment actualizes the higher objectives of Islamic law, known as Maqasid Shariah. It explores the transition of waqf from a static charitable institution into a dynamic, investment-linked financial tool designed to promote long-term public welfare, social equity, and economic justice. The research adopts a qualitative content analysis and an inductive approach, synthesizing classical and contemporary literature on waqf jurisprudence, Maqasid al-Shariah theory, and capital market innovations. The findings reveal that corporate waqf, when integrated with ICM instruments like waqf-linked sukuk and waqf-featured unit trusts, effectively protects the five essentials of Maqasid: faith (din), life (nafs), intellect ('aql), lineage (nasl), and wealth (mal). The study emphasizes the need for standardized regulatory guidelines and cross-sector collaborations between regulators, financial institutions, and religious councils to maximize socioeconomic impact. It provides a strategic baseline for asset managers to design products that align ethical investing with national development agendas and the United Nations Sustainable Development Goals (SDGs).
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