INTEGRATING WQĀF AND BUSINESS: ENSURING BUSINESS SUSTAINABILITY FOR THE WELFARE OF HEIRS AND NON-HEIRS

Islam has concern on the sustainable welfare of one's heirs through wealth preservation and maximization. The objective of this study is to provide a model for the sustainability of a family business through its integration with wqāf in order to perpetually generate incomes. The essential features of wqāf (irrevocability, inalienability and perpetuity) would not only prevent the family inheritable business from disposal or liquidation but also ensure that it remains a going concern to generate incomes for the welfare of the heirs, exempted heirs and other members of the Islamic society. Profit is expected to be shared among heirs based on the sharing ratio established by Islamic succession law. The exempted heirs and other members of Islamic society could benefit from the business's profit continuously every year if the founder/owner of the business dedicates a certain share of its equity to them by way of a will.