One of the benefits derived from cash waqf is purpose
of education. Nowadays, we can see participant from young intellectual Muslim
on waqf giving is significantly lacking (Shamsul, 2013). According to the
director of IIUM Endowment Fund (IEF) said that the contributions of cash waqf
among students were considered none or small in numbers. Among of the factors
is lack of awareness and promoting cash waqf among young Muslim (Shamsul,
2013). Besides, young Muslim does not have a clear picture about waqf, which they
misunderstood about the concept of cash waqf.
This can be support with the statement from (New
Straits Times, 2017) which, many people, due to
their lack of understanding of the dynamic aspects of waqf, perceived it as associated mostly
with immovable properties and lands for religious and educational purposes.
This misconception had stirred Muslim scholars to introduce a new,
innovative waqf model,
namely the cash waqf. Siti
Mashitoh Mahamood et al. states that there are still some communities that do
not understand the concept of modern waqf – that is cash waqf schemes and waqf
shares – and still question their permissibility. For example, the Islamic
Religious Council of Penang (MAINPP) has to use the name ‘waqf fund’ in place
of ‘waqf share’ to avoid confusion among the public. This study is aimed at the perception young Muslim on
importance of cash waqf in improving ummah welfare.