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  • 1. PA301 FINANCIAL ACCOUNTING 2 REFLECTIVE JOURNAL 1 : NAME : MATRIX NO : PROGRAMME : Nur Dalila Bt Mohd Zamri Vikneshwary a/p Veran Nor Hazwani Fasihah Binti Mohammad Nazri Norhadi Bin Ali Nor Afiera Binti Mohammad Haji 10DAT11F2016 10DAT11F2005 10DAT11F2046 10DAT11F2051 10DAT11F2031 DAT3A Restricted for Invigilator only PREPARED FOR : MS SURAYA BINTI YOPE@YAHYA 1
  • 2. BANK MUAMALAT Bank Muamalat Malaysia Berhad, the second Islamic bank that was fully operational and established in Malaysia after Bank Islam Malaysia Berhad, is set to play its role in providing products and services of Islamic banking to Malaysians regardless of race or religion. This will definitely contribute to the development of modern Malaysia. Mission To deliver best value to the stakeholders. Vision To become the preferred Islamic financial services provider. Shared Values Care, Integrity, Innovative, Service Oriented and Respect. WAQF Waqf (Islamic Endowment) is an act of virtue, highly encouraged in Islam. As one of the mechanism for welfare, waqf is unique in that the asset that has been given as waqf is not spent or expensed but rather the asset is maintained or held in kind but any benefits, financial or otherwise, that is able to be derived from it can be used, expensed or consumed. In contrast, any gifts or donations received can be spent directly. With its beginnings more in the form of fixed assets, current trends of waqf are in the form of cash. Through cash collected, a portion will be used to develop or purchase landed properties or fixed assets and another portion will be invested in financial markets. From the traditions of Islamic history and also the development of endowment in the West, it is an important and necessary effort that waqf in the form of cash (liquid assets) be urgently applied in various applications. “Waqf” are one of the property there is the concept of giving in Islam. This concept is based on the concept of charity. We can refer to a hadith narrated by Ibn Umar that when 'Umar ibn al-Khattab wanted clarity piece of land, the Prophet has said, if you agree, withhold and remit the property benefit (revenue) to charitable purposes. Umar then clarity produce of the land to the poor, his relatives, the freeing of slaves and purpose to the way God provided the property can not be sold, inherited, and given to others. When someone has endowed his property, he can not have any right or interest in the property relations. For example if the property is a piece of land donated the land owner may not sell, pledge or transfer the land. The asset is deemed to be the rights of God. Charitable recipient is should utilize its assets in accordance with the conditions of the waqf. Islamic Council is the body responsible for the administration and management of the endowment. This is the reference to Section 61 of the Administration of Islamic Law (Federal Territories) Act 1993. By the endowment provider must make an application to the Islamic Religious Council. The application must explain the purpose, the extent of the grant and endowment recipients (if specific). Documents of title to the property should also be included. The Council will conduct an investigation and make sure that the property is free from any claims. Once you are sure that no such restrictions on the endowment can then see the application approved. Waqf provider will complete the instrument (document) for the completion of the endowment. This instrument will be provided by the Council. The instrument will specify the details of the Waqf provider, witnesses, type of property like donated, and the percentage distribution of the Waqf purposes. This is to ensure there are no doubts over how the Waqf will be managed. Waqf providers must also provide a declaration sworn to represent and prove that the endowment was done of his own accord and no element of compulsion. This is to avoid claims arise from the beneficiary. 2
  • 3. Islamic Endowments • “Waqf” are derived from the Arabic word 'waqafa' which means to stop or retained. Stops construed as an owned property handed practices for the use or benefit of the public. • “Waqf “ is a branch of worship because the fundamental purpose of waqf is to reach out and Seek the blessing of Almighty God by spending way to Allah. “Waqf” IN ISLAM Endowments is a social tradition handed down by the Prophet where tradition is held strong by his companions and followers. Waqf system gives immense benefit to those who are less fortunate and created some of the leading thinkers and institutions of Islamic civilization. Endowments is one charity that is highly demanded by Islam. It is not righteousness that will reward unfailing God gave pewakaf for the donated property remains tapped. Examples of the Prophet's practice at the time was when Umar Sayidina endowed a farm that was presented to him so that the crops from the farm can be shared by the community at the time. At another point, Sayidina Uthman b. Affan had bought a well known as Roman wells and then into the water resources of the public at that time. Since the Waqf continued to grow, when Muslims began endowed their land for mosque. Since the mosque was a source of knowledge, then the endowment expanded into school construction, residential, health and various other infrastructure until today. Among the leading center of Islamic learning on waqf including Al-Azhar University in Egypt, AlQarawiyyin and Zaitouna. In terms of government, a new example of the implementation of Cash Waqf for assistance for people is at the time of the Ottoman Empire in Turkey. Ottoman glory with the help of extensive cash waqf to successfully reduce the time for the government to complement its development efforts in the provision of facilities were educational services, health care, scientific and Turkish society. In the sector of medicine, one hospital built on waqf is Al Noorie Hospital in Damascus founded in 1145AD. It is the first hospital to adopt medical records which later became the medical school. Many eminent physicians graduated at the medical center, including Ibn Nafis, a scholar who discovered the theory of the respiratory system in the human lung. The hospital operates up to 7 century and part of the hospital are still to this day. 2 Stops practice encompasses all aspects of life, including construction of roads and bridges, providing water supply for local residents, cash for property maintenance endowment, farm tools, books, knowledge and so that can provide benefits to the local community. 3
  • 4. “Dalil Pensyariatan” Waqf • Waqf is a practice that has been prescribed, but it is one way to get closer to God. • Among the evidences of revelation the foundation up to “pensyariatan berwakaf” practice is the Word of „Allah S.W.T‟ : “Kamu tidak sekali-kali akan dapat mencapai (hakikat) kebajikan dan kebaktian (yang sempurna) sebelum kamu dermakan sebahagian dari apa yang kamu sayangi. Dan sesuatu apa jua yang kamu dermakan, maka sesungguhnya Allah Mengetahuinya.” (Surah Ali `Imran: 92) • „Rasulullah S.A.W said, which means: “Apabila seorang anak Adam mati, segala amalannya terputus, kecuali tiga perkara: iaitu sedekah jariah, ilmu yang bermanfaat dan anak soleh yang mendoakannya”. (Riwayat Muslim) "Sedekah jariah " in this hadith, interpreted by scholars as waqf. Fatwa statement • Majority of Scholars of Syafie, Hanafi, Hanbali and Maliki requires Real Removable Stops based on the fact that all property should be sold and can be beneficial and permanent essence, it can be donated. • Waqf in cash is allowed in Islam. (Council for the National Fatwa Committee for Islamic Religious Affairs Malaysia Ke-77 times its meeting held on April 10 to 12 2007 at the Primula Beach Resort, Kuala Terengganu) • As a result of Endowments Stock Selangor (Selangor Stops Transactions) shall be expended for the purpose of purchase of fixed assets. While money Benefits Stops Selangor (Selangor Stops Transactions) may be expended to provide assistance and other expenses deemed appropriate by the MAIS. (Selangor Fatwa Committee met on 5 September 2006) Interest Waqf • Tax Relief Individuals: 7% Company: 10% • Donations given income tax relief under Section 44 (6) of the Income Tax Act 1967 (Reference No. LHDN.01/35/42/51/179-6/5621) (Government Gazette No. 14369 dated 07.27.2004) Waqf Selangor-Muamalat • Waqf Selangor-Muamalat is collaboration between the Corporation and the Maharashtra Waqf Bank Muamalat Malaysia Berhad to manage endowment funds together through the formation of the Joint Management Committee (JSC). • BMMB the first banking institution carrying out cooperation in joint management of endowment funds. 4
  • 5. Type Waqf Waqf are divided into two main categories: Absolute (GENERAL) - refers to the practice of their property without express charitable purposes in the consecration of a property. The property can be developed for any purpose, as long as not contrary to Islamic law. Muqayyad (SPECIAL) - practice “pewakaf” endowed property which specifically states the purpose of waqf during property. Waqf property shall be used only for the purposes specifically stated that. For example waqf special land for the construction of mosques, prayer, burial and so forth. Property To Be Endowed Donated goods and property shall belong to perfect endowment donated in the form of the following: A) Waqf Al-I'qar (Immovable Property) that the property can not be transferred as: • Provide land for building or community activities that are useful for the growth of Islam. • Provide for the use of school buildings, hospitals and so on. B) Waqf Al-manqul (Real Portable) That the property may be transferred as cash, books, books, desks, clothing, weapons, agricultural tools, animals that can be taken paps and so on. C) Al-musya Endowments' According to most scholars to be endowed shared or owned property jointly with another person that can not be divided like two people have the right to a home and a car. If one of the owners thereof mewakaf, the waqf is valid. D) Waqf Irtifaq Haq (Storey Building Ownership) The Shafie and Hanbali this endowment requires that endowed one storey building consists of several floors, as an endowed the upper floors of the building or floor. It can be done so without endowed all buildings. Endowments are valid according to the Shafie and Hanbali sect. E) Waqf Al-Irsod That endowment made by the government to the public interest as a piece of land to be used as schools, hospitals and so on according to Islamic law. 5
  • 6. Property Condition Donated 1. 2. 3. 4. 5. 6. The property must be taken anything that could benefit. Property donated to recipients around the time endowment. The donated property would benefit and long-lasting benefits. Donated to a good cause and does not violate Islamic law. Determined donated property type, form, place, area and volume. Donated property that belonged to the “pewakaf” . Conditions Of Endowed 1. 2. 3. 4. 5. 6. Islamite Of age (puberty) Sane (perfect common sense) Member tasarruf / tabaruk Own choice (optional) Independent Principle Waqf 1. 2. 3. 4. Parties that donate. Parties which received waqf Thing donated. "Sighah" namely contract and qabul. Way To Endowed • Customers can endowed through: - Counter - Grants from the customers account “ Wadi'ah” BMMB - Periodic payments Directive (IEP) - Cash - Debit from your savings or current - Check the internal / local Use of Waqf Funds • • • • • Infrastructure development health & education Funding for equipment health & education Health care costs & fees / scholarships education Fund health research & education Raising funds through authorized investment 6
  • 7. Differences Between Waqf And Charity • Alms given to the needy while endowment intended for use by the whole community in general, despite the needy given priority. • Charity is something that can be transferred. A property once it has been donated, pewakaf have no right and no interference in the property. • Offerings can be given in any manner while the endowment is restricted to a property where the property is likely to work or generate more benefit continuously or form results can be stored. Wisdom Waqf 1. As one way to worship God 2. Paving the way for the faithful who love to give endowment and charity and hope for reward. 3. Continuous reward to pewakaf after death as long as the waqf property remains tapped. 4. For the benefit of Islam, such as building cemeteries and so on. 5. Help reduce the burden on the poor and needy and orphans. 7
  • 8. Endowment adoption in Malaysia Waqf is a form of charity with special features that has permanence and continuity. The beneficiaries can benefit from the waqf property for years, generations or even centuries. The ownership of waqf is withdrawn from the owner and returned to Allah for the benefit of His subjects to whom the property has been bequeathed. Waqf is a form of worship to Allah and has significant contribution to economic development as it plays an important role as wealth redistribution mechanism. In common tradition, properties given out for waqf purpose are namely mosque, land for Muslim cemeteries, business premises, agriculture lands, religious schools, etc. In the modern times, majority of Muslim scholars accept cash waqf, share of waqf, waqf of shares and takaful waqf as form of waqfs. This article aims to discuss the role of waqf in achieving the hike in economic development focusing on the human welfare among the Malaysian society. Waqf plays a vital role in poverty alleviation, health services, education, orphanage centre,mosques and residences for the needy society. Traditionally waqf in Malaysia is in the form of land, mosques and surau, and religious schools and equipment once. Currently efforts are being made to developing a general endowment land with development potential. Kingdom Center, in order to enrich the practice of Endowments, established the Endowment Department, Zakat and Hajj (JAWHAR) to assist in the state. Of funds JAWHAR channeled through several development projects have been carried out. Besides, a National Endowment Foundation was also established as a result harness the State Islamic Council with JAWHAR. The first project or product is the Foundation Endowments Cash. In Malaysia, endowment funds and property that there is in the form of a mosque and a cemetery, mosque, school and educational booths, agricultural farms, gardens, orchards and fields, the rents, vacant land, buildings (shops,dwellings, residential), building rental revenue, endowment cash, shares endowment, endowment shares, endowment feet, jemba endowment, corporate endowment, schemes / plans takaful endowment and other movable property (hemodialysis machine etc..) properties introduced such contemporary waqf endowment shares, endowment, cash endowment and endowment Takaful is a form of consecration in out of the ordinary practices of the Muslim community. There are some states that has introduced a share endowment of Selangor, Penang, Malacca, Pahang, Johor and Da'wah Foundation Malaysia. Prudential Assurance Malaysia also introduce takaful endowment in 1997 that is a form of endowment cash. However, beginning 1 February 2009 takaful endowment was stopped . Stock endowment means creating an endowment musytarak (cluster) through donations received from the community to in an endowment trust fund which will be converted into property remain 8
  • 9. a named substitute or replacement money. The conversion is made in forms of real estate development, land development and existing endowment various socio-economic development activities are planned from time to time to the welfare and interests of Islam and Allah, forever. Consecration through this endowment share schemes show a success the Muslims because of the money collected through this endowment share scheme that the money could be used for various development projects economy without any limitations or constraints as endowment in the form of immovable property. Money is transferred to the immovable property and may more widely distributed and not confined to a particular place and so. Waqf property developed with a variety of projects that can bring economic benefit to the Muslims directly or indirectly. Building rental revenue endowment and other charitable projects to be distributed for the welfare and interests of the Muslims. For example, like giving assistance to people who are in-recipients of zakat recipients; help because construction, management and the mosque, mosque, madrasa, clinics, hospitals and others; assistance to people involved in the disaster God, accident, medical, orphans, people in detention; educational assistance, and help improve the spread of Islam to developing countries and others regarding the importance and welfare of the Muslims. Economic development projects undertaken in Malaysia is the use of waqf property itself, yields from property endowment funds or stock funds from the endowment. The projects impact on economic development directly or indirectly to the Muslim community. Based on the analysis of Waqf undertaken since early Islam and its implementation in Malaysia, it can be concluded that endowment can be instrumental in economic development in providing needs of the Muslim community. 9