Waqf As a Sustainable Solution: Addressing Climate Change Impacts on Real Estate Through Perpetual Endowment and Community Benefit

Sharifah Zubaidah Syed Abdul Kader, Mohammad Hidir Baharudin, Maizatun binti Mustafa, Rahmawati Mohd Yusoff, Zati Ilham binti Abdul Manaf, Fares Djafri

Abstract


Climate change poses significant risks to real estate, including extreme weather events, rising sea levels, and shifting climate patterns, threatening property integrity, and market value, and increasing maintenance and insurance costs. Traditional real estate markets often react, resulting in inadequate short-term solutions. In contrast, waqf, which focuses on everlasting endowment and communal benefit, provides a proactive and comprehensive approach to the management of real assets. Sustainability and long-term management in waqf can mitigate property price impacts. This study aims to explore the potential of waqf in addressing climate change impacts on real estate, emphasizing how its principles can be leveraged to enhance resilience and sustainability in the real estate sector. The research adopts a qualitative approach, analyzing primary and secondary materials through governing statutes, reported cases, and data from respective administrative bodies. This study finds waqf properties can be designated for uses promoting environmental sustainability, such as green spaces, conservation areas, and sustainable agriculture. By preserving natural environments, waqf properties can buffer against climate-related disasters, protecting nearby real estate and maintaining property values. In addition, waqf can provide financial assistance for climate adaptation and mitigation initiatives by reinvesting income into projects that improve climate resilience, such as improvements to infrastructure, energy-efficient building retrofits, and the development of early warning platforms. However, integrating waqf in addressing climate change impacts faces challenges, including legal and administrative hurdles, lack of awareness, and the need for capacity building. All in all, by leveraging its principles of sustainability, community benefit, and long-term stewardship, waqf can enhance the resilience of real estate assets and contribute to sustainable urban development

Full Text:

PDF

References


Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). (2015). Shari’ah Standards. Manama: AAOIFI.

Abd Mutalib, H., & Maamor, S. (2016). Utilization Of Waqf Property: Analyzing An Institutional Mutawalli Challenges In Management Practices. International Journal of Economics and Financial Issues, 6(7), 36-41.

Ali, K. M., & Kassim, S. (2020). Waqf Forest: How Waqf Can Play A Role In Forest Preservation And SDGS Achievement. Etikonomi, 19(2), 349-364.

Al-Bukhari, Mu?ammad bin Ism?‘?l. (1422). Sahih al-Bukhari. n.p.: Dar Tuq al-Najah.

Al-Dubyan, Dubyan bin Muhammad (1432). Al-Muamalat al-Maliah. Al-Riyadh: Maktabah al-Malik Fahd al-WaÏaniyyah.

Al-Zuhayli, Wahbah bin Mustafa. (2012). Mawsu’ah al-Fiqh al-Islam wa al-Ghadaya al-Muasarah. Dimasyq: Dar al-Fikr.

Anabarja, S. and Mubah, A. (2021). The Islamic Environmentalism In Eco-Pesantren Initiatives: Integrating The Sustainable Development Values In Islamic Boarding School. Journal of International Studies on Energy Affairs, 2(1), 75-90.

ASEAN. (2021). ASEAN State of Climate Change Report. ASEAN. Retrieved from https://asean.org

Asian Development Bank. (2017). A Region at Risk: The Human Dimensions of Climate Change in Asia and the Pacific. ADB. Retrieved from https://www.adb.org/sites/default/files/publication/325251/region-risk-climate-change.pdf

Asian Development Bank. (2017). Climate Change in Asia and the Pacific: How Can Countries Adapt?. ADB. Retrieved from https://www.adb.org/publications/climate-change-asia-pacific](https://www.adb.org/publications/climate-change-asia-pacific

Azwar, A. (2023). The Role of Islamic Philanthropy in Green Economy Development: Case in Indonesia. International Journal of Islamic Economics and Finance Research, 6(2 December), 40-55.

Badan Wakaf Indonesia. (2020). Waqf and Climate Adaptation. BWI. Retrieved from https://www.bwi.go.id and https://www.bwi.go.id

Bin, O., Kruse, J. B., & Landry, C. E. (2008). Flood Hazards, Insurance Rates, And Amenities: Evidence From The Coastal Housing Market. Journal of Risk and Insurance, 75(1), 63-82

Beltran, A., Maddison, D., & Elliott, R. J. (2018). Is Flood Risk Capitalised Into Property Values?. Ecological Economics, 146, 668-685.

Black, S. A. and Opfer, K. (2019). Assessing Community Reforestation Projects For Biodiversity Improvement And Poverty Alleviation. Forestry Research and Engineering: International Journal, 3(1), 32-37.

Brahimi, M. and Ben-Hamouche, M. (2023). Decoding The Irregularity In The Casbah Urban Fabric. International Journal of Innovative Technologies in Social Science, 2(38).

Cizakca, M. (2000). A History of Philanthropic Foundations: The Islamic World from the Seventh Century to the Present. Istanbul: Bogazici University Press.

Department of Statistics Malaysia. (2020). Malaysia Population and Housing Census 2020. DOSM. Retrieved from https://www.dosm.gov.my

Dusuki, A. W. (2008). Understanding the Objectives of Islamic Banking: A Survey of Stakeholders' Perspectives. International Journal of Islamic and Middle Eastern Finance and Management, 1(2), 132-148.

Economic Planning Unit. (2021). Twelfth Malaysia Plan, 2021-2025. MOF. Retrieved from https://www.epu.gov.my

Gopegui, M. R. d. (2021). Adaptation Planning In Large Cities Is Unlikely To Be Effective. Landscape and Urban Planning, 206, 103974.

Ibn Manzur, Muhammad bin Mukarram. (1414). Lisan al-Arab. Bayrut: Dar Sadir.

Ibn Qudamah, ‘Abd Allah bin Ahmad. (1968/1388). Al-Mughni. n.p.: Maktabah al-Qahirah.

Idllalene, S. (2021). The Role Of Environmental Waqf In Addressing Climate Change In The MENA Region: A Comparative Law Analysis. In Climate Change Law And Policy In The Middle East And North Africa Region (pp. 43-62). Routledge.

Ihsan, H., & Ibrahim, S. H. M. (2011). Waqf Accounting And The Construction Of Accountability. Humanomics, 27(4), 252-269.

Intergovernmental Panel on Climate Change. (2021). Climate Change 2021: The Physical Science Basis. IPCC. Retrieved from https://www.ipcc.ch/report/ar6/wg1/

Intergovernmental Panel on Climate Change. (2022). Climate Change 2022: Impacts, Adaptation, and Vulnerability. Londong: Cambridge University Press.

Iskandar, A., Possumah, B., & Aqbar, K. (2020). Islamic Financial Development, Economic Growth And Co2 Emission In Indonesia. Journal of Islamic Monetary Economics and Finance, 6(2).

Ismail, S., Hassan, M., & Rahmat, S. (2023). The Role Of Waqf In Sustainable Economic Development. In Islamic Social Finance (pp. 14-34). Edward Elgar Publishing.

Kahf, M. (2014). Islamic economics: What went wrong? Islamic Economic Studies, 22(1), 57-78.

Kahf, M. (1998). Financing the Development of Awqaf Property. The American Journal of Islamic Social Sciences, 15(4), 39-66.

Kasdi, A., Karim, A., Farida, U., & Huda, M. (2022). The Development Of Waqf In The Middle East And Its Role In Pioneering Contemporary Islamic Civilization: A Historical Approach. Journal of Islamic Thought and Civilization, 12(1), 186-198.

Mahamood, S. M. (2007). Waqf in Malaysia: Legal and Administrative Perspectives. Kuala Lumpir: University of Malaya Press.

Mangunjaya, F. and Praharawati, G. (2019). Fatwas On Boosting Environmental Conservation In Indonesia. Religions, 10(10), 570.

Malaysian Department of Statistics. (2022). Special Release 2: Statistics on Floods. MDOS. Retrieved from https://dosm.gov.my

Malaysian Meteorological Department. (2020). Climate Change Scenarios for Malaysia: 2020-2100. MET Malaysia. Retrieved from https://www.met.gov.my

Mohammad, T. S. & Mar Iman, A. H. (2006). Obstacles of ?the Current Concept of Waqf to the Development of Waqf Properties and the Recommended ?Alternative. Malaysian. Journal of Real Estate, 1 (1), 27-38.?

Mohamad, N. A., Kader, S. A., & Ali, Z. (2012). Waqf Lands And Challenges From The Legal Perspectives In Malaysia. In IIUM-Toyo Symposium (pp. 1-9).

National Hydraulic Research Institute of Malaysia. (2019). Impact of Sea Level Rise on Malaysia. NAHRIM. Retrieved from https://www.nahrim.gov.my

National Institute of Standards and Technology. (2020). Community Resilience Planning Guide For Buildings And Infrastructure Systems. U.S. Department of Commerce. Retrieved from https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.1190GB-16.pdf

Nazar, I. (2024). Plant Biodiversity And People’s Behavior On Environmental Conservation In Pabelan Islamic Boarding School, Magelang, Central Java, Indonesia. Biodiversitas Journal of Biological Diversity, 25(1).

Newell, G. and Marzuki, M. J. (2022). The Increasing Importance Of Environmental Sustainability In Global Real Estate Investment Markets. Journal of Property Investment and Finance, 40(4), 411-429.

Pusparini, M.D., Sobaya, S., & Lubis S.S.A. (2020). Cash Waqf As A Solution To Overcome Drought In Gunung Kidul Regency?In Yogyakarta Province?. Tasharruf: Journal Economics and Business of Islam, 5 (1), 1-25.

Rahmadany, R. (2024). Implementation Of Intellectual Property Rights Waqf In The Urban Society Of Medan Based On Maqasid Shariah. Akademika Jurnal Pemikiran Islam, 29(1), 13.

Rahman, N. and Jalil, M. (2021). Awareness Of The Role Of “Religious People” In Environmental Conservation From The Perspective Of Islamic Studies Students. Creative Education, 12(08), 1755-1772.

Riani, R. (2024). Waqf-Based Waste Management: A Proposed Model In Indonesia. International Journal of Waqf, 3(2).

Sadeq, A. M. (2002). Waqf, Perpetual Charity And Poverty Alleviation. International Journal of Social Economics, 29(1/2), 135-151.

Safei, A. and Himayaturohmah, E. (2023). Development Of Environmentally Friendly Culture In The Islamic Boarding School Through Social Intervention Strategy. Al-Hayat Journal of Islamic Education, 7(1), 226.

Shaikh, S. A., Ismail, A. G., & Shafiai, M. H. M. (2017). Application Of Waqf For Social And Development Finance. ISRA International Journal of Islamic Finance, 9(1), 5-14.

Shatar, W. N. A., Hanaysha, J. R., & Tahir, P. R. (2021). Determinants Of Cash Waqf Fund Collection In Malaysian Islamic Banking Institutions: Empirical Insights From Employees’ Perspectives. ISRA International Journal of Islamic Finance, 13(2), 177-193.

Shirazi, N. S. (2014). Integrating Zakat and Waqf into the Poverty Reduction Strategy of the IDB Member Countries. Islamic Economic Studies, 22(1), 79-108.

Sukmana, R. and Rusydiana, A. S. (2023). Waqf Model For Climate Change: A Delphi Method Approach. International Journal of Waqf, 3(1).

Thaker, M. A. M. T., Thaker, H. M. T., & Pitchay, A. A. (2018). Modeling Crowdfunders’ Behavioral Intention To Adopt The Crowdfunding-Waqf Model (Cwm) In Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 231-249.

United Nations Office for Disaster Risk Reduction. (2019). The Human Cost of Disasters: An Overview of the Last 20 Years (2000-2019). UNDRR. Retrieved from https://www.undrr.org

United Nations. (2015). Transforming our world: The 2030 Agenda for Sustainable Development. UN. Retrieved from https://sustainabledevelopment.un.org and https://sustainabledevelopment.un.org

United Nations Environment Programme. (2021). Global Environment Outlook. UNEP. Retrieved from https://www.unep.org/topics/climate-action?gad_source=1&gclid=CjwKCAjwnqK1BhBvEiwAi7o0X4tIHpWvkkwUKu792vgI0NziAyS8SSLWiFUJydlLpBz38S29bPQXcBoCY1cQAvD_BwE

Urban Land Institute. (2019). Climate Risk and Real Estate Investment Decision-Making. Urban Land Institute. Retrieved from https://knowledge.uli.org/-/media/files/research-reports/2019/climate-risk-and-investment-decision-making.pdf?rev=af4e397dc5a64122aa3b693c0c1d4c75&hash=A43E922CC997DBF9F45EB4A34A655CBD

Zawawi, Z. (2023). Waqf And Sustainable Development Law: Models Of Waqf Institutions In The Kingdom Of Saudi Arabia And Indonesia. Ijtihad Jurnal Wacana Hukum Islam Dan Kemanusiaan, 23(1), 93-114




DOI: https://doi.org/10.32535/jicp.v7i3.3724

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Sharifah Zubaidah Syed Abdul Kader, Mohammad Hidir Baharudin, Maizatun binti Mustafa, Rahmawati Mohd Yusoff, Zati Ilham binti Abdul Manaf, Fares Djafri

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Flag Counter

Published by:

AIBPM Publisher

Editorial Office:

JL. Kahuripan No. 9 Hotel Sahid Montana, Malang, Indonesia
Phone:+62 341 366222
Email: journal.jicp@gmail.com
Website:http://ejournal.aibpmjournals.com/index.php/JICP

Supported by: Association of International Business & Professional Management

If you are interested to get the journal subscription you can contact us at admin@aibpm.org.

ISSN 2622-0989 (Print)
ISSN 2621-993X (Online)

DOI:Prefix 10.32535 by CrossREF

Journal of International Conference Proceedings (JICP) INDEXED:

 

In Process


This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.