Developing a Sustainable Non-Cash Waqf Ecosystem Model for Elderly Care in Malaysia: An Islamic Social Finance Perspective

Malaysia's transition towards an ageing society has intensified the demand for sustainable, affordable, and accessible elderly care services. However, existing public and private care systems continue to face financial, infrastructural, and operational constraints that limit their long-term sustainability. While waqf has historically played a significant role in supporting social welfare, contemporary research and practice have predominantly emphasized cash waqf, with comparatively limited attention given to the strategic utilization of non-cash waqf assets. This study aims to develop a sustainable non-cash waqf ecosystem model (SNWEM) for elderly care in Malaysia by integrating endowed physical assets and service-based endowments (Waqf al-Manafiʿ) within the broader framework of Islamic social finance and the objectives of Maqaṣid al-Shariʿah. This study adopts a qualitative exploratory research design employing a Focus Group Discussion (FGD) involving experts representing five key stakeholder groups: state waqf authorities, waqf operators, elderly care centre managers, Shariah scholars, and academics specializing in Islamic social finance. A preliminary conceptual framework was presented to the participants for evaluation, and the discussion data were analysed using thematic analysis to identify key themes, implementation challenges, governance considerations, and recommendations for refining the proposed model. The findings demonstrate strong stakeholder support for the proposed non-cash waqf ecosystem model as a practical and sustainable mechanism for elderly care provision. Participants highlighted that productive utilization of endowed land, buildings, healthcare facilities, medical equipment, assistive technologies, and professional services can substantially reduce both capital and operational costs while enhancing service accessibility and institutional sustainability. The findings further emphasize that effective governance, transparent asset management, Shariah compliance, strategic stakeholder collaboration, and public awareness are fundamental prerequisites for successful implementation. The proposed model contributes to the realization of Maqaṣid al-Shariʿah by preserving life (ḥifẓ al-nafs), wealth (ḥifẓ al-mal), and human dignity (karamah insaniyyah), while simultaneously supporting sustainable development objectives. The proposed ecosystem model provides practical guidance for policymakers, State Islamic Religious Councils (SIRCs), waqf institutions, elderly care providers, healthcare organizations, and philanthropic institutions in optimizing underutilized waqf assets for elderly care. The model offers an alternative resource-based financing mechanism that reduces dependence on conventional funding, strengthens institutional resilience, enhances donor confidence through improved governance, and promotes long-term sustainability of elderly care services. This study is among the first to develop a dedicated non-cash waqf ecosystem model specifically designed for sustainable elderly care in Malaysia. Unlike previous studies that primarily focus on cash waqf financing, this research advances the Islamic social finance literature by conceptualizing non-cash waqf as an integrated asset mobilization ecosystem encompassing land, buildings, healthcare facilities, medical equipment, and Waqf al-Manafiʿ '. The study contributes both theoretically and practically by demonstrating how strategic mobilization of tangible assets and professional expertise can address the socio-economic challenges associated with population ageing while advancing the objectives of Islamic social finance. Keywords: Non-Cash Waqf, Elderly Care, Islamic Social Finance, Waqf al-Manafi, Asset-Based Waqf, Sustainable Development, Maqaṣid al-Shariʿah, Malaysia.