Waqf, a non-profit voluntary sector, have an important and integral role in developing communities during various phases of Islamic communities’ development. Recently, voluntary sectors are increasing their presence felt in development of communities. Current reports suggest a surge in the role of voluntary sectors in communities’ development. This development also leads to the formation of Social Business (SB) which is hybrid in nature. SB is an entity that incorporates both features of profit sector and non-profit sector. SB model has been presented as a viable model in ensuring organization’s longevity. This is evident in the case studies discussed. SB while operates on a business-like conduct, however its main objective is still dedicated for the betterment of society. The trend can also be observed in Islamic based voluntary sectors with the creation waqf-based SB (WSB). Issues regarding sustainability and impact of activities to beneficiaries are of concern to stakeholders. Furthermore, for Islamic based voluntary sector such as WSB, they are bound by Maqasid al-Shariah (MS) or objectives of the shariah. Based on MS index developed for the Islamic banking sector, this paper proposed a conceptual framework that could assist in determining the performance of WSB from the perspective of MS.
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In-Text Citation: (Noor, Sani, Hasan, & Misbahrudin, 2018)
To Cite this Article: Noor, A. H. M., Sani, A. A., Hasan, Z. A., & Misbahrudin, N. T. (2018). A Conceptual Framework for Waqf-Based Social Business from the Perspective of Maqasid Al-Shariah. International Journal of Academic Research in Business and Social Sciences, 8(8), 801–818.
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