1 CORPORATE WAQF MODEL AND ITS DISTINCTIVE FEATURES: THE FUTURE OF ISLAMIC PHILANTHROPY 1 Asharaf Mohd Ramli 2 Abdullaah Jalil 3 Universiti Sains Islam Malaysia Abstract It has been observed that the efforts to rejuvenate waqf institutions in Islamic countries were participated by the corporate entities. For example, in Malaysia, Johor Corporation (JCorp) has initiated a waqf clinic in 1998 which later expanded into a corporate waqf entity known as Waqaf An-Nur Corporation Berhad (WANCorp). In other event, Majlis Agama Islam Wilayah Persekutuan (MAIWP) has collaborated with Tabung Haji to develop a Class A waqf building leased to Bank Islam Malaysia Berhad (BIMB) in 2011. Recently, Majlis Agama Islam Selangor (MAIS) and Bank Muamalat Malaysia Berhad (BMMB) have combined their efforts to develop a cash waqf fund named as Wakaf Muamalat Selangor. All these developments in waqf endeavor involving corporate entities are worth to be analyzed in order to create a new framework of waqf practice. Thus, the paper aims to identify the models of corporate waqf, and highlight the Shariah considerations on this new form of waqf. The study will establish corporate waqf as an independent category of waqf due to its salient characteristics. The novelty of this finding is against the common perception of public who consider corporate waqf as a form of cash waqf. This study suggests corporate waqf as the best form of modern waqf practice based on its vibrant nature and active roles with strong professional participation in its management. Keywords: Corporate Waqf, Waqf, Islamic Philanthropy Citation: Asharaf Mohd Ramli, & Abdullaah Jalil. (2013, 4-5 December). Corporate Waqf Model and Its Distinctive Features: The Future of Islamic Philanthropy. Paper presented at the World Universities Islamic Philanthrophy Conference 2013, Menara Bank Islam, Kuala Lumpur. 1 This study is a part of a research entitled “Pembentukan Model Baru Wakaf Korporat di Malaysia”. The research is granted by the Ministry of Higher Education (MOHE), Malaysia under the Fundamental Research Grant Scheme (FRGS). 2 Correspondence / main author, a lecturer at Universiti Sains Islam Malaysia and can be contacted via tel. no. +6013 357 3994. Email: asharaf@usim.edu.my . 3 Co-author, a senior lecturer at Universiti Sains Islam Malaysia and can be contacted via tel. no. +6019 223 4502. Email: abdullaah@usim.edu.my .