Contemporary leadership of endowment trusts and cash Waqf by establishing a Waqf Bank in Saudi Arabia

Abstract

Waqf is the most significant role of Islamic finance around the world. As current, Waqf funds in Saudi Arabia facing many problems, it is important to develop a Waqf bank which can help the needy and poor to alleviate poverty. This study is done to explore how establishment of Waqf bank can help the Waqf administration and benefit the poor and need beneficiaries. Moreover, this research is addressed the possibilities of establishing Waqf bank by reflected the opinions of a variety of people for the Waqf bank including beneficiaries, publics and experts. Then, the study is relying on results from questionnaires and interviews. The questionnaires were distrusted as soft copy using Google Forms Survey. The findings shows that there is a demand for establishment of Waqf bank in Saudi Arabia, and its expected to be sharia complaint bank by providing services to the beneficiaries while making investment and managing Waqf funds.