Waqf is not a modern concept of Islamic economic offering. Waqf was first identified during Prophethood when the first mosque was developed in the history of the Waqf declaration. Until today, the Waqf system is used to maintain the Quba’ Mosque in Medina, the second largest mosque in Medina after the Prophet’s Mosque (Mosque Nabawiyy). Nowadays, Waqf exhibits drastic improvement as a result of the changes in societal demands. Therefore, Waqf is comprehensively diversified from fixed assets to cash Waqf, Sukuk Waqf, corporate Waqf, and book Waqf. This proves that societal demands have reformed in the wake of a modern lifestyle.
Islam views the creation and accumulation of wealth as an integral episode of human life. Nevertheless, Islam discerns its significance as a means for contentment in life and compliments. Besides, Islam computes individuals’ wealth not only based on physical possessions but also on their morality and ethics that result in a good life in this world and in the hereafter. The Shariah requires Muslims to preserve wealth. This has been specifically mentioned in the Quran and Hadith. The Quran and its verses proscribe profligacy, overindulgence, and reckless management of money. On the other hand, the Quran expects Muslims to feed their families on Earth and even after their demise. Therefore, humans have control over a specific kind of wealth, which epitomizes the trust of Allah with regard to morality and virtues in life. This is therefore related to the social demands and needs to fulfill one’s life via Waqf, gifts, and sadaqa. The Hadith below admonishes Muslims to feed their families ever after their death:
“It is better to leave your heirs rich than to leave them poor begging from people” (Sahih Muslim.)
The MAIK UMK Education Waqf signed a joint venture agreement on 27 June 2022 at the Balai Islam Complex, Lundang which was also witnessed by the Chairman of MAIK, His Excellency Tengku Tan Sri Dato' Haji Mohamad Rizam Bin Tengku Abdul Aziz, Tengku Temenggong Kelantan. The status of mutawalli and the appointment of a special nazir to UMK is with the approval of the Islamic Religious and Customs Council of Kelantan (MAIK) for the collection, distribution and investment of Waqf.
MAIK UMK Education Waqf is a cash waqf project for the benefit of UMK students in particular. Through the cash waqf collected, it is hoped to be able to meet the needs of the learning and teaching process of UMK students from the point of view of providing better facilities in the future. Among the cash waqf benefits of this UMK MAIK Education Waqf are aids for technology devices, books, accommodation, scholarships and many other benefits that can be generated.