Purpose

The purpose of this paper is to comprehensively discuss the issue of risk vis-à-vis the perpetuity restriction principle inherent in waqf (Islamic endowment). Specifically, it attempts to consolidate the axioms in both conventional and Islamic finance, such as the risk-return trade-off and al-ghunm bi al-ghurm (liability accompanies gain), with the perpetual nature of waqf. Overall, this paper attempts to find a resolution to the dilemma of perpetuity restriction inherent in cash waqf against the natural occurrence of the risk.

Design/methodology/approach

This paper is based on the secondary research methodology; past literature encompassing journal articles, books, relevant financial axioms, fatwas (Islamic rulings) and state enactments is critically reviewed to present its case. In regard to state enactments, only Malaysian state enactments have been used, thus restricting the study to the Malaysian case only.

Findings

This study contends that the dilemma of the perpetuity restriction and the natural occurrence of risk can be resolved through the integration of waqf risk management, especially concerning cash waqf, with the Islamic spiritual approach. By implementing standard operating procedures that inculcate awareness on waqf risk management and Islamic spirituality in waqf stakeholders (wāqif (donor), trustee and beneficiaries), the stakeholders may accept the reality of risk that is inevitable even after all efforts have been exhausted. In other words, the violation of perpetuity is exonerated given that mental faculties aligned with revealed texts have been exhaustively used beforehand.

Practical implications

Findings from this study may broaden the choice of investment avenues for waqf trustees while adhering to the perpetual restriction of waqf. More importantly, waqf trustees will not be forced to invest in interest-bearing securities or be involved in any usurious transactions just to obtain guaranteed returns and preserve the corpus of waqf.

Originality/value

This study offers a unique perspective on cash waqf risk management by re-analyzing the axioms and concepts of finance and waqf while observing the welfare of the beneficiaries.

中文翻译：

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Cash waqf 风险管理和永久限制难题

目的

本文的目的是针对waqf（伊斯兰捐赠基金）固有的永久限制原则，全面讨论风险问题。具体而言，它试图将传统金融和伊斯兰金融中的公理结合起来，例如风险回报权衡和al-ghunm bi al-ghurm（负债伴随收益），以及 waqf 的永久性质。总体而言，本文试图找到解决现金 waqf 固有的永久限制的困境，以应对风险的自然发生。

设计/方法/方法

本文基于二次研究方法论；包括期刊文章、书籍、相关金融公理、fatwas（伊斯兰裁决）和国家法令在内的过去文献都经过严格审查以展示其案例。关于州法令，只使用了马来西亚州法令，因此将研究仅限于马来西亚案例。

发现

本研究认为，通过将 waqf 风险管理，尤其是现金 waqf 与伊斯兰精神方法相结合，可以解决永久限制和风险自然发生的困境。通过实施标准操作程序，灌输 waqf 利益相关者（wāqif（捐赠者）、受托人和受益人）对 waqf 风险管理和伊斯兰精神的认识，利益相关者可能会接受即使在所有努力都已用尽后仍不可避免的风险现实。换句话说，鉴于与启示文本一致的心智能力事先已被彻底使用，因此对永恒的违反是无罪的。

实际影响

这项研究的结果可能会拓宽 waqf 受托人的投资渠道选择，同时遵守 waqf 的永久限制。更重要的是，waqf 受托人不会为了获得有保证的回报和保护 waqf 的主体而被迫投资有息证券或参与任何高利贷交易。

原创性/价值

本研究通过重新分析金融和 waqf 的公理和概念，同时观察受益人的福利，为现金 waqf 风险管理提供了独特的视角。