PERCEIVED FACTORS OF SUCCESSFUL SOCIAL ENTERPRISES: THE CASE OF THE STATE ISLAMIC RELIGIOUS COUNCILS AND WAQF LAND DEVELOPMENT IN MALAYSIA

Waqf properties need to be perpetual, irrevocable and inalienable. Even though the social impact is the main objective of waqf creation, it cannot be denied that the economic value is important to help maintain and sustain waqf properties since getting funding for waqf property development is very difficult. Hence, State Islamic Religious Councils (henceforth referred to as the Councils) as waqf trustees are expected to operate like a social enterprise in developing its waqf land. This paper aims to investigate the perceived factors of the current waqf land development practices in each Council that contribute to the Council’s success as a social enterprise. This study employs a qualitative approach where semi-structured interviews were conducted with 22 waqf officers from 14 Councils across Malaysia. The result shows that the Councils operate as social enterprises as they are already in pursuit of the dual mission namely financial sustainability and social purpose. There are nine perceived factors of the current waqf land development practices in each Council that contribute to the Council’s success as a social enterprise: (1) various types of waqf development; (2) sustainability; (3) opportunity; (4) knowledgeable; (5) financing creativity; (6) monitoring; Volume: 2 Issues: 6 [June, 2019] pp.66-75] International Journal of Entrepreneurship and Management Practices eISSN: 2600-8750 Journal website: www.ijemp.com