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Fundamentally, the Global Alliance for Banking on Values (GABV) is a networking synergy of banks to promote sustainable growth in economy, society, and environment via their financial services. Similarly, the Value-based Intermediation (VBI) in Islamic finance is an initiative by the Central Bank of Malaysia to strengthen the genuine role of Islamic financial institutions in social finance. Islamic social finance instruments, particularly cash waqf, have been predominantly proposed in various viable models in the literature. Some models have been put into practice, while several remain potentially workable in the future. As numerous research delve into the feasibility and enablers of cash waqf, the embed values have been marginally discussed, especially considering the functional roles of the financial intermediaries in an Islamic financial system. Moreover, Islamic banks have been criticized for several misconceptions of merely replicating conventional banking structures, imposing an exorbitant ‘profit rate’ without due understanding and consideration to the institutions as business entities. Such misconceptions contradict the philosophical underpinnings of Islamic banking and finance discipline. Hence, the adoption of VBI within Islamic banks is expected to strengthen their self-discipline towards serving the society, via redistributive instruments. In this study, cash waqf models proposed are summarized to establish the linkage between VBI and cash waqf structures. Employing content analysis, this article goes beyond the tangibility of cash waqf by deducing the imbued values to propose a sustainable value-based conceptual framework of cash waqf, which is hoped to further empower and encourage the stakeholders in a cash waqf structure. |
