*Corresponding Author THE INVOLVEMENT OF ISLAMIC BANKING IN WAQF ACTIVITIES Nor Shahrina Mohd Rafien a* , Nur Hafidzah Idris, Nurul Izzat Kamaruddin & Siti Nurulhuda Ibrahim norshahrina871@melaka.uitm.edu.my Abstract Islamic Philanthropy is defined as charity contribution consists of zakah, sadaqah, waqf and infaq. The objective of Islamic Philanthropy is to assist those who are in need and to promote economy sustainability as well. Even though waqf is not an obligation for Muslim, its importance is as significant as zakat itself. Waqf has been proven as one of the tools in alleviating poverty around the world. Corporate bodies including Islamic bank act as one of the major contributors of waqf activities. Therefore, the study is to investigate the role played by the corporate bodies as an agent in spurring the economic growth as well as helping Muslims’ economy in general. It is hoped that this study can contribute to the development of philanthropy in Islam. Keywords: Waqf, Islamic philanthropy, corporate body, Islamic banking INTRODUCTION In Islam, Islamic philanthropy is introduced as a method of alleviating poverty. There are several instruments that are in use to assist the needy group such as zakat, infaq, sadaqah, hibah and waqf. Waqf is considered as a fund that cannot be withdrawn its right by the waqf giver (to be returned to Allah) and the benefit from the waqf property can be used for a perpetuates. Waqf has been practised during the lifetime of our prophet, Muhammad (PBUH) where the first waqf mosque is the Quba’ mosque in Madinah. This proven that waqf activities existed during in earlier era of Islam and continuously in practice till today. The types of waqf have now been enlarged to include modern instruments such as cash waqf and share waqf. Recently, awareness of corporate bodies in waqf activities gives huge impacts to the society and as a significant tool to alleviate the poverty in general. The involvement of corporate bodies in charity will lead less dependency on the government fund. In Malaysia, waqf giver (also known as waqf donor) will enjoy a tax exemption i.e. 7 percent for individuals and 10 percent for companies. Hence, in this study, Bank Islam Malaysia Berhad (BIMB) and Bank