REDEFINING BOUNDARIES: THE CASE FOR ENTERPRISE-STRUCTURED WAQF OVER CORPORATE WAQF

Purpose — This paper highlights the overextension in the definition of the term corporate waqf in the current literature, proposing a return to its original meaning. It also advocates for the use of a new term, enterprise-structured waqf, to capture the broader and more inclusive contexts of waqf. This paper further elaborates on and categorises the facets of the newly advocated term, clearly delineating its scope. Design/Methodology/Approach — This paper utilises a qualitative content analysis (QCA) methodology to recognise specified characteristics within the corporate waqf literature. It prudently dissects the prevailing narratives, revealing areas of conceptual ambiguity and inconsistency. It further proposes new narratives. Findings — It is shown that the extended definition of the term corporate waqf has left it ambiguous, with two meanings. The first is waqf that is established by corporate entities. The second is waqf whose assets are dedicated to entities with strategic business frameworks, regardless of the founder’s corporate or non-corporate status. The second meaning, while innovative, is misleading. It is therefore proposed that the term corporate waqf be returned to its original meaning and the term enterprise-structured waqf be used instead to capture the broader and more inclusive contexts of waqf.


INTRODUCTION
For centuries, waqf has served as the backbone of Islamic civilisation.Waqf-one of the most recognised and practised economic institutions within Muslim societies-has historically facilitated the establishment of mosques, schools, hospitals, and a wide variety of public utilities, allowing for the sustainable support of various religious, humanitarian, and social endeavours (McChesney, 1991;Baer, 1997;Cizakca, 2000).
The evolution of waqf in recent decades has also brought about the development of literature on the subject, notably with the emergence of 'corporate waqf'.There is now a vast and emerging corpus of literature emphasising the potential roles of corporate waqf (Mohsin, 2013(Mohsin, , 2014;;Darus et al., 2021;Hassan & Noor, 2021;Çilingir, 2022), documenting the implementation of corporate waqf (Dukhan et al., 2021;Jamaluddin & Hassan, 2021;Huda & Santoso, 2022), or evaluating the critical factors that affect the performance of corporate waqf management (Ramli et al., 2018;Raja Adnan et al., 2022).There is also a small body of literature that looks at corporate waqf from the perspective of potential contributors (Hasbullah et al., 2016;Ahmad, 2020).
There seems to be no study that has critically examined the term 'corporate waqf'.This study is important because the term 'corporate waqf' has been used in a number of different ways, making it unclear whether it refers to waqf founded by corporations (Johor Corporation, 2008;Ramli & Jalil, 2013;Jalil & Ramli, 2014) or waqf whose assets are dedicated to entities adopting strategic business frameworks, regardless of the founder's corporate or non-corporate status (Hasbullah et al., 2016;Saad, 2019;Abdul Manaf, 2020;Ahmad, 2020;Yusoff et al., 2021).The adjective 'corporate' in corporate waqf also adds to the ambiguity.It introduces restrictions that mistakenly imply that dedicating waqf to entities adopting business frameworks is exclusively within the purview of corporations, disregarding other potential wāqif (donors) from non-corporate entities.
Combining traditional waqf principles with contemporary strategic business frameworks requires a more sophisticated understanding and a precise definition encompassing the many forms of waqf.By critically examining the term corporate waqf and its associated concepts, it is possible to open the way for more effective integration of waqf into the current multifaceted and ever-changing socioeconomic environment.
This paper highlights the overextension in the definition of the term corporate waqf in the current literature, proposing a return to its original meaning.It also advocates for a new term, 'enterprise-structured waqf', to capture the broader and more inclusive contexts of waqf, which includes not only corporate waqf established by corporate entities but also a variety of other awqāf (pl. of waqf) that, while adopting strategic business frameworks, may be initiated by non- corporate founders.This paper further elaborates on and categorises the facets of the newly advocated term, clearly delineating its scope.
This paper utilises a qualitative content analysis (QCA) methodology to recognise specified characteristics within the corporate waqf literature.The methodology can validate prevailing hypotheses, offer detailed depictions of individual contexts or phenomena, and support the progression of fresh hypotheses and models (Neuendorf, 2002).In highlighting the overextension of the term corporate waqf and proposing a return to its original meaning, this paper prudently dissects the prevailing narratives, revealing areas of conceptual ambiguity and inconsistency.Further, in advocating for the term enterprise-structured waqf, this paper proposes new narratives that align the foundational principles of waqf with business frameworks to ensure that the waqf assets are not only managed and preserved but are also grown to provide sustainable sources of funding for religious, humanitarian, and social endeavours.
The remainder of this paper consists of several sections.The literature review section provides a somewhat detailed explanation of waqf's origins and historical progression, and pinpoints the overextension of the term corporate waqf.The paper then explains the methodology used for the conduct of this research.It then elaborates on and categorises the facets of enterprise-structured waqf, the alternative term proposed in the research.It further explores the implications of the conception, and then concludes the paper.

Corporate Waqf: Background and Historical Origin
The term waqf, derived from the Arabic root word 'waqafa', conveys the notion of halting or preserving something in perpetuity.Loosely, it refers to the voluntary act of dedicating particular assets for religious, humanitarian, or social causes according to Islamic law (Kahf, 1992;Cizakca, 2000;Al-Shirbani, 2015).Waqf is perpetual and irrevocable (Ahmad, 1987;Sadeq, 2002;Othman, 2013).Once established, it remains in effect indefinitely and cannot be revoked.
Waqf comprises four institutional elements, without which it becomes void.The elements are the founder (wāqif), the waqf assets (mawqūf), the beneficiaries (mawqūf ʿalaih), and the waqf declaration (ṣīghah) (Khatib, 2017;Ghazali et al., 2019;Kasdi, 2021).The process of establishing waqf begins with the intention of the founder to dedicate a particular asset as waqf, continues with the designation of the beneficiaries of waqf and ends with the selection of a trustee (mutawallī) to manage the waqf assets.The trustee is responsible for adhering to the founder's stipulations and ensuring that the waqf assets generate benefits to the designated beneficiaries as intended.
The practice of waqf can be traced back to the early years of Islam, during Prophet Muhammad's (SAW) era.One notable example is the waqf established by the Prophet (SAW) and his companions to construct the Quba mosque and the Prophet's mosque in Medinah (Kahf, 2000).Another example is the waqf founded by Sayyidina ʿUmar (RA), one of the Prophet's (SAW) close companions and the second caliph of Islam.When acquiring a piece of fertile land in Khaybar, he sought the Prophet's (SAW) counsel regarding its use.Heeding the Prophet's (SAW) advice, he dedicated the land's yield to waqf (Gil, 1998;Al-ʿAsqalānī, 2000;Abdullah, 2020).
It should be noted that, despite these early waqf practices, a complete jurisprudential framework for waqf existed only many decades later.Since waqf is not mentioned explicitly in the Qurʾān (Othman, 1983;Abbasi, 2012;Oberauer, 2013), its justification is based on the more general Qurʾānic emphasis on charity and the more practical guidance of hadiths-the sayings or traditions of Prophet Muhammad (SAW).The detailed characteristics of waqf, including its definition, the conditions for its establishment, the roles and responsibilities of trustees, and its regulatory mechanisms, were developed over time through the work of Islamic jurists and scholars (Hennigan, 2004;Oberauer, 2013;Abdullah, 2020).
For centuries, the existence of waqf has mirrored the broader socioeconomic circumstances of the Muslim societies that oversaw it (McChesney, 1991;Cizakca, 2000;Komilov, 2023).There were prolonged periods in which waqf experienced prosperity and prominence, often coinciding with strong Islamic states' presence.However, there were also periods of adversity and neglect, particularly during political instability and the failure of Islamic states.Western imperialism, which took place in the 19th and 20th centuries, has resulted in tremendous complications within Muslim societies and poses severe challenges to waqf (Cizakca, 1997;1998).Despite these challenges, the inherent adaptability of waqf has helped preserve its relevance.
The emergence of corporate waqf demonstrates a major historical development of waqf (Cizakca, 2018).While it was brought to prominence by Johor Corporation (JCorp) in 2006 (Johor Corporation, 2008), corporate waqf has been practiced in India, Pakistan and Turkey since the 1970s.One can view corporate waqf as an innovative model that seamlessly blends traditional waqf principles with modern business frameworks.It makes it possible for corporate entities to establish waqf using their resources (Ramli & Jalil, 2013;Mohsin, 2014;Saad, 2019), creating a sustainable funding source for religious, humanitarian and social endeavours.

The Overextension of the Term Corporate Waqf
The term corporate waqf has garnered considerable attention within academic circles.This burgeoning interest has spurred the proliferation of conceptual and empirical studies aimed at unravelling the complexities and subtleties of this modern waqf model.However, despite this scholarly enthusiasm, a closer inspection reveals that the term corporate waqf is mired in ambiguity, with its use oscillating between two different meanings (Ahmad, 2017;Hassan & Noor, 2021).
The first meaning views corporate waqf as waqf established by corporate entities, where the corporation's resources-shares in business, ṣukūk, mutual funds, real estate, lands, buildings, machineries, vehicles or any other permissible assets-are allocated for philanthropic endeavours (Johor Corporation, 2008;Ramli & Jalil, 2013;Jalil & Ramli, 2014).Here, the emphasis is on the source of the waqf, underscoring the role of corporations in mobilising their resources and operational prowess to support societal welfare initiatives (Jalil & Ramli, 2014, p. 312).Within the first meaning, corporate waqf is positioned as an extension of the corporate social responsibility projects, seamlessly blending business principles with the generous spirit of Islamic philanthropy.
For example, Jalil and Ramli (2014, p. 312) define corporate waqf as 'waqf asset and distribution of waqf proceed by a corporate entity independently or collectively with other parties'.Under this definition, it is corporate entities that act as the wāqif, creating waqf by utilising and managing their assets to generate benefits to the designated beneficiaries, independently or collectively with other parties.
The second meaning extends corporate waqf to include all endowments comprising shares in businesses, ṣukūk, mutual funds, real estate, lands, buildings, machineries, vehicles or any other permissible assets dedicated to entities with strategic business frameworks, regardless of whether the founder has corporate or non-corporate status (Mohsin, 2014;Saad, 2019;Yusoff et al., 2021).For example, Mohsin (2014, p. 16) defines corporate waqf as 'the confinement of an amount of liquid money, shares, profit, dividends by the founder(s) such as individuals, companies, corporations, organizations or institutions, and the dedication of its usufruct in perpetuity to the welfare of society'.Explaining the core features of corporate waqf, Yusoff et al. (2021, p. 99) assert that corporate waqf must be formally established as a company and must uphold and abide by business principles and Sharīʿah principles.According to Yusoff et al. (2021, p. 99), the founders of corporate waqf can be corporate or non-corporate entities, including members of the general public.Similarly, Saad (2019, p. 3) believes that corporate waqf can be founded by corporate or non-corporate entities as long as the waqf assets are dedicated to entities with strategic business frameworks.These definitions suggest that the distinguishing feature of corporate waqf that sets it apart from traditional waqf models is the application of strategic business frameworks in its management, operation, and sustainability.
The second meaning, while innovative, is misleading for at least two reasons.Firstly, it dilutes the distinct role of corporate entities as active founders and managers of waqf, reducing the emphasis on corporate initiatives in philanthropy.By focusing solely on the nature of the assets that are dedicated or the business strategies employed, this meaning overlooks the significance of corporate entities in establishing and managing waqf.Secondly, it blurs the boundary between more traditional waqf models and corporate waqf, as any waqf comprising business shares, ṣukūk, mutual funds, lands, buildings, machineries, vehicles, and other permissible assets dedicated to strategic business frameworks could be misclassified as corporate waqf, regardless of its founding entities (Ahmad, 2017).
To uphold corporate waqf's conceptual clarity and integrity, it becomes crucial to advocate for a reversion to its authentic essence, namely waqf established by corporate entities, utilising their assets for religious, humanitarian or social endeavours.Returning to the original meaning of corporate waqf helps differentiate corporate waqf from other models of waqf, ensuring that corporate entities' unique contributions and responsibilities in Islamic philanthropy are recognised and encouraged.Further, by returning to the original meaning of corporate waqf, it is possible to see corporate waqf as a model for corporate social responsibility, demonstrating how businesses can extend beyond profit-oriented goals to address societal challenges.
| 124 Moreover, the qualifier 'corporate' in corporate waqf has introduced constraints that inadvertently exclude a broader spectrum of waqf possibilities.Specifically, it implies a limitation where the act of endowing waqf to enterprises that adopt strategic business frameworks seems to be exclusively within the purview of corporations, sidelining a myriad of other potential contributors from non-corporate founders who might be equally poised to dedicate shares, financial investments, real estate, or other permissible assets for various religious, humanitarian and social endeavours.
In order to encompass the broader spectrum of waqf that involves business shares, ṣukūk, mutual funds, lands, buildings, machineries, vehicles, and any other permissible assets dedicated to enterprises with strategic business frameworks, the term 'enterprise-structured waqf' is proposed.This term is designed to function as a superset that includes not only corporate waqf established by corporate entities but also extends to cover a variety of other awqāf that, while adopting strategic business frameworks, may be initiated by non-corporate founders such as individuals, communities, non-profit organisations, or business enterprises.The concept of enterprise-structured waqf acknowledges the diverse sources of modern waqf and accommodates innovative ways of managing, preserving and growing the assets of waqf.

THE CONCEPT OF ENTERPRISE-STRUCTURED WAQF
Enterprise-structured waqf can be defined as a model of waqf whose assets comprise financial assets such as business shares, ṣukūk and mutual funds, as well as physical assets such as lands, buildings, machineries, vehicles and any other permissible assets dedicated to enterprises that adopt strategic business frameworks, not only to manage and preserve but also to grow such assets.The feature unique to enterprise-structured waqf is its strong focus on asset productivity, efficiency and profit generation while maintaining fidelity to Islamic philanthropic principles.
Built upon this feature, enterprise-structured waqf involves business methodologies to guide decision-making, resource allocation and operational processes in managing, preserving and growing waqf assets.Increasing productivity, efficiency and local market penetration might be the main priorities for small-scale enterprises.Practical tools that are easy to use and integrate into existing production flows, such as electrically-powered equipment, wireless inventory scanners and autocut dispensers, basic accounting software, along with customer relationship management systems, might be employed in this case.Meanwhile, larger corporate entities might find their businesses increasingly complex and require advanced strategic business frameworks, including corporate governance structures, thorough risk management frameworks and cross-border production plans.These entities might also require advanced analytical tools and business intelligence systems to maintain their productivity, efficiency and global market penetration.
Enterprise-structured waqf can be classified into several categories to delineate its scope.These include the classification based on the enterprise's establishment status, the form of enterprise, the enterprise's relation to the wāqif, the enterprise's capital assets, the enterprise's strategic objectives, and the enterprise's business model.

Enterprises' Establishment Status
Depending on the establishment status of the enterprises involved, enterprise-structured waqf can be classified into three distinct categories.The first of these three categories pertains to waqf whose assets are dedicated to already existing, pre-established enterprises.It involves enterprises that are already operational and have an established presence in the market before associating with the waqf.Under this category, the enterprises use their established market presence to manage, sustain, and develop the waqf assets.
The second category pertains to waqf whose assets are dedicated to newly initiated enterprises that are established specifically to support waqf's objectives.Such enterprises use their initial assets to start a business from scratch.The enterprises are usually designed to be selfsustaining, with their profit feeding back into the waqf to support the continued growth of waqf assets and advance benefit to the designed beneficiaries.
The third category encompasses joint ventures, where waqf assets are combined with external partners' resources, expertise and networks to create collaborative enterprises.This category capitalises on the collaboration between the nāẓir of the waqf (waqf manager) and their partners, pooling resources to achieve shared objectives and amplifying the impact of the waqf.Such joint ventures not only improve operational capacity, but also bring in additional expertise and market access, significantly boosting the effectiveness of waqf management.

Forms of Enterprises
Enterprise-structured waqf can be classified into three categories based on the forms of the enterprises involved.The first category pertains to waqf whose assets are managed by cooperative associations-enterprises established to improve their members' economic and social conditions through the joint efforts of shared ownership, democratic decision-making and distribution of profit based on each member's contribution rather than capital investment.Cooperative associations promote community involvement.Therefore, this form of enterprise can be particularly effective for managing waqf assets that serve community-oriented objectives.
The second category is waqf whose assets are dedicated to partnership enterprises.Partnership enterprises are enterprises that are jointly funded and managed by two or more partners who assume joint responsibilities for the enterprises' profit and losses.Partnership enterprises might take the form of a general partnership or a limited partnership.A general partnership requires all partners to share unlimited liability for the enterprise's debts and obligations and to participate actively in the management and decision-making processes.Unique in this form of enterprise is the close collaboration and shared responsibilities among partners, which can be advantageous for waqf assets necessitating direct, personal oversight by the partners.Meanwhile, a limited partnership (commanditaire vennootschap or CV in some jurisdictions) includes general and limited partners.General partners manage the enterprise and have unlimited liability.By contrast, limited partners are not directly involved in managing the enterprises.Their liability is restricted to the investment made in the partnership.This form of enterprise can be suitable for waqf assets that require a combination of active management by some and capital contributions by others to achieve the waqf's goals.
Waqf, whose assets are managed by limited liability companies, constitutes the third category.Limited liability companies are enterprises that are set up as separate legal entities with | 126 ISRA International Journal of Islamic Finance • Volume 16 • Special Issue 1 • 2024 limited liability for their shareholders.Limited liability companies assume their debts and obligations in case of legal action or business failure.This form of enterprise can therefore protect waqf's broader assets from the enterprises' liability and enable flexible management and ownership arrangements.

Enterprises' Relation to the Wāqif
Depending on the arrangement in which the waqf assets are managed in relation to the wāqif, enterprise-structured waqf can be classified into three categories.First, waqf whose assets are managed within the wāqif's enterprises.Second, waqf whose assets are managed by independent enterprises.Third, waqf whose assets are managed by enterprises that have no direct relationship with the wāqif but maintain a close partnership with the wāqif's enterprises.
The first category delineates a scenario where the assets of the waqf are incorporated into and administered in conjunction with the assets of the wāqif's enterprises.By virtue of their decision-making positions within their respective enterprises, the wāqif retain direct or indirect authority over the management of the waqf assets.This arrangement allows for a seamless alignment of the philanthropic objectives of waqf with the business strategies of the wāqif's enterprises, ensuring that the waqf capitalises on the operational efficiencies, market intelligence, and strategic undertakings of the wāqif's enterprises.
In the second category, the waqf assets are entrusted entirely to enterprises without any direct relationship with the wāqif.This arrangement ensures that the enterprises managing the waqf assets operate with autonomy, guided by professional management practices and strategic objectives aligning with the waqf's philanthropic objectives.Such an arrangement underscores a clear separation between the waqf's stewardship and the wāqif's other business interests, fostering transparency and accountability in managing the waqf assets.
In the third category, the waqf assets are managed by enterprises that have no direct relationship with the wāqif but maintain a close working partnership with the wāqif's enterprises.This arrangement leverages strategic alliances between the wāqif's businesses and the enterprises that manage the waqf assets, combining expertise and resources to advance the philanthropic objectives of waqf.While the enterprises managing the waqf assets operate independently, their collaboration with the wāqif's businesses may enhance the waqf's impact through shared goals, networks and market insights.

Enterprises' Capital Assets
Depending on the types of assets dedicated to enterprises' capital, enterprise-structured waqf can be classified into four categories.The first category is waqf whose assets are managed by enterprises with financial capital assets.This category encompasses enterprises that are primarily supported by business shares and other financial investments such as ṣukūk and mutual funds.The enterprises leverage financial markets and investment strategies to generate profit, which is then channelled towards waqf's philanthropic endeavours.
Waqf, whose assets are managed by enterprises with physical capital assets, falls into the second category.This category encompasses enterprises that are underpinned by lands and other physical assets such as buildings, machineries and vehicles.These enterprises generate profit through rental agreements, agricultural production, or other forms of utilisation that translate physical assets into profit, which is then channelled towards waqf's philanthropic endeavours.
The third category is waqf whose assets are managed by enterprises that operate with intellectual capital assets-all intangible assets enabling enterprises to enter the market, excel in competitiveness, and extract value such as patents, copyrights, trademarks, or proprietary technologies.To generate profit, enterprises managing waqf under this category may need to commercialise their licensing rights, royalties, or exclusivity clauses.
The fourth category is waqf whose assets are managed by enterprises with diversified capital assets.Diversified capital assets-from financial and physical to intellectual capital assets-can provide a robust and resilient financial foundation for the enterprises managing waqf.

Enterprises' Strategic Objectives
Enterprise-structured waqf can be classified into three categories according to the enterprises' strategic objectives.These three categories are waqf whose assets are managed by enterprises with purely fund-raising objectives, waqf whose assets are managed by enterprises with fundraising and social objectives, and waqf whose assets are managed by enterprises with fundraising and economic development objectives.
In the first category, the emphasis is on generating profit through various business activities.It does not mean that the enterprises ignore everything else.The Islamic principles require that profits be made with honesty, justice and freedom from exploitative conduct.The emphasis on generating profit is simply that it is the primary strategy to support waqf assets' continued growth and to advance the benefits of the waqf assets to the designated beneficiaries.
In the second category, the waqf assets are managed by enterprises that have fund-raising and social objectives.Instead of focusing merely on generating profit, these enterprises also have a secondary objective of directly addressing certain social issues through their core business activities.Enterprises that manage waqf assets of lands and wells to provide clean water access to households in dry and remote areas, or enterprises that utilise waqf lands to process waste materials and turn them into valuable recycled items are two pertinent examples.
In the third category, waqf assets are managed by enterprises that have fund-raising and economic development objectives.In addition to generating profit, enterprises managing waqf under this category attempt to stimulate local economies, create employment opportunities and promote entrepreneurship.One pertinent example is enterprises that manage waqf-based tourism destinations and involve local youths in work or apprenticeships.

Enterprises' Business Model
Finally, enterprise-structured waqf can also be classified based on the business model of the enterprises involved.Loosely speaking, the business model represents general ideas or plans for how enterprises create, deliver, and extract value in the markets.It specifies the products or services that enterprises intend to sell, their target markets, and estimated revenues and costs.
The first category classified based on enterprises' business model is waqf whose assets are managed by enterprises espousing an asset-driven business model.This category encompasses enterprises that utilise their assets to create, deliver and extract value in the markets, generating profit that is then channelled towards the waqf's philanthropic endeavours.The assets utilisation can range from holding shares to earn dividend yields, managing lands and buildings for rental income, or operating machinery for production.
Waqf, whose assets are managed by enterprises with a market-driven business model, constitutes the second category.This category encompasses enterprises that attempt to understand consumers' needs and preferences, designing products or services that meet the needs and preferences of their target markets, and maintaining revenues over costs to generate profit that is then channelled towards the waqf's philanthropic endeavours.
The third category is waqf whose assets are managed by enterprises that espouse a hybrid business model.This category encompasses enterprises that combine the elements of assetdriven and market-driven business models.The combination of the two business models allows enterprises to utilise their assets effectively while remaining aware of market dynamics and opportunities.The combination of the two business models also allows for a more diversified operation, complementing asset management's stability and efficiency with market-oriented activities' growth potential.

FURTHER DISCUSSION AND IMPLICATIONS
Returning to corporate waqf's original meaning and using the term enterprise-structured waqf allows for the delineation of the universe of waqf that consists of non-enterprise-structured and enterprise-structured waqf.Non-enterprise-structured waqf refers to traditional models in which assets, including land, buildings, or other physical properties, are devoted to religious, educational, or social welfare purposes without explicitly intending to employ strategic business frameworks for their management, preservation and growth.Here, the focus is on preserving and using the waqf assets in perpetuity for the benefits of the designated beneficiaries.By contrast, enterprise-structured waqf entails the dedication of assets to enterprises that adopt strategic business frameworks.In addition to preserving and using waqf assets in perpetuity to benefit the designated beneficiaries, the goal is also to grow the waqf assets.
Returning to corporate waqf's original meaning and using the term enterprise-structured waqf also makes it possible to delineate the relationship between enterprise-structured waqf and other waqf-related terms, such as 'productive waqf'.Despite the absence of an exact definition of productive waqf in the literature, this term is generally understood as the active management of waqf assets to generate benefits for the designated beneficiaries.This term-particularly highlighted by Indonesian authors (Hakim & Sarif, 2021;Ascarya et al., 2022;Syibly et al., 2022) and institutions like the Indonesian Waqf Agency (Badan Wakaf Indonesia, BWI) (Listiana et al., 2021)-emphasises the transformation of waqf assets into ongoing sources of benefit, moving beyond mere preservation to active productivity.The relationship between enterprise-structured waqf and productive waqf is predicated on their mutual emphasis on maximising the productivity of waqf assets while maintaining fidelity to Islamic philanthropic principles.However, enterprise-structured waqf substantiates this emphasis by incorporating structured approaches typically used to organise, analyse, and solve complex business problems into the management of waqf assets.Thus, in contrast to the term productive waqf that focuses on the outcome of waqf asset management, the term enterprise-structured waqf emphasises the methods and structures employed to achieve these productive outcomes.Not all productive | 129 ISRA International Journal of Islamic Finance • Volume 16 • Special Issue 1 • 2024 awqāf are enterprise-structured, and not all enterprise-structured awqāf are productive.However, enterprise-structured waqf inherently aims to be productive, leveraging business insight and innovation to fulfil the philanthropic missions of waqf in a contemporary context.
Furthermore, returning to corporate waqf's original meaning while distinguishing it from the broader concept of enterprise-structured waqf yields significant clarity in the academic realm.This clarity sharpens the focus of scholarly investigations into the complex mechanisms, governance structures, and societal impacts of different corporate waqf practices.By returning to corporate waqf's original meaning, it will be easier to envisage that research focusing on corporate waqf would extend from the mechanisms and dynamics of waqf establishment decision-making processes (e.g., who initiated the process, who was involved, to what extent certain constituencies have influenced the decisions), the governance frameworks that dictate the management of waqf assets (e.g., the composition and role of the waqf's management board, the investment policies and the accountability measures), to the degree to which waqf assets have been benefiting the designated beneficiaries and the wider community.Thus, theoretical and empirical works on corporate waqf can better contribute to the understanding of how corporate entities can effectively blend profit motives with philanthropic objectives, creating sustainable models for corporate social responsibility.
The use of the term enterprise-structured waqf particularly broadens the landscape of waqf studies and paves the way for new research areas and scholarly debates.By using the term enterprise-structured waqf, it is possible to examine all waqf whose assets are dedicated to enterprises adopting strategic business frameworks, regardless of the founders, whether individuals, communities, non-profit organisations or corporate entities.A pertinent area of research could be the effectiveness of enterprises of different establishment statuses or the potentials and challenges of different forms of enterprises in managing enterprise-structured waqf.An analysis of the different motivations and consequences of different arrangements in which the waqf assets are managed in relation to the wāqif or the complexities of managing, preserving and growing the waqf assets dedicated to enterprises with different capital assets is also relevant.
Finally, returning to corporate waqf's original meaning and using the term enterprisestructured waqf carries practical implications for the Islamic philanthropic landscape.By returning to the original meaning of corporate waqf, it is possible to recognise the potential contributions of a variety of entities, including individuals, communities, non-profit organisations, or business enterprises.It will also be possible to improve public understanding and awareness of the nature of enterprise-structured waqf, promote waqf participation in the forms of assets dedicated to enterprises that adopt strategic business frameworks, and enhance resource mobilisation to provide sustainable sources of funding for religious, humanitarian, and social endeavours.

CONCLUDING REMARKS
This paper has highlighted the overextension of the term corporate waqf, proposing a return to its original meaning.This paper has also advocated for the term enterprise-structured waqf to capture the broader and more inclusive contexts of waqf, which includes not only corporate waqf established by corporate entities but also awqāf that, while adopting strategic business frameworks, are founded by non-corporate entities.This paper has further elaborated on and categorised the facets of the newly advocated term based on six criteria: the enterprise's establishment status, the form of enterprise, the enterprise's relation to the wāqif, the enterprise's capital assets, the enterprise's strategic objectives, and the enterprise's business model.
Returning to the original meaning of corporate waqf while distinguishing it from the broader concept of enterprise-structured waqf carries significant theoretical and practical implications.From a theoretical point of view, it yields significant clarity and sharpens the focus of scholarly investigations.It also helps expand the theoretical landscape of waqf studies.From a practical point of view, the clarity and inclusivity brought about by distinguishing between corporate and enterprise-structured waqf can enhance community engagement and participation.
This paper has several limitations.Most importantly, it is conceptual.This paper does not attempt to empirically examine corporate waqf.This paper also does not attempt to empirically examine how enterprise-structured waqf has been or could be implemented among Muslims.Future works could explore these gaps as potential avenues for research.