The Management Model of Waqf (Public Benefit Assets) through Real Estate Investment Trusts by the Islamic Development Bank Group in the Kingdom of Saudi Arabia: Opportunities and Challenges for Establishing a Waqf Fund Management Organization in Thailand

Abstract

This research aims to (1) study the management model of Waqf assets implemented by the Islamic Development Bank Group in the Kingdom of Saudi Arabia; (2) analyze the Waqf management model currently utilized in Thailand; and (3) develop guidelines for establishing a Waqf fund in Thailand by adapting the model from Saudi Arabia. The study employed a research and development (R&D) methodology combined with qualitative data collection, including document analysis and in-depth interviews with 25 key informants. Data collection was conducted through relevant document reviews to provide foundational knowledge, along with structured questionnaires used during the interviews, and participant observation to support data triangulation. The data were then analyzed, synthesized, and organized systematically to develop a suitable model for establishing a Waqf fund management organization in Thailand. The research process was divided into four phases    (1) studying Waqf asset management; (2) analyzing Waqf management models; (3) evaluating the developed model; and (4) assessing feasibility and providing further recommendations.

The findings revealed that (1) the Islamic Development Bank Group in Saudi Arabia has established a systematic and efficient Waqf management model through Shariah-compliant real estate investment mechanisms; (2) Thailand currently lacks a strategic Waqf management model, particularly in financial and investment aspects, resulting in limited development of existing Waqf assets; and (3) the Saudi model can be adapted for implementation in Thailand if supported by the government and religious institutions. The proposed model consists of key stakeholders including donors (Waqif), Waqf management organizations, a Shariah Board, private investors, public-benefit real estate projects, and an income distribution mechanism. However, certain aspects require modification to align with Thailand’s legal framework and cultural investment practices. The study recommends initiating pilot projects in strong Muslim communities, with the organizational structure preferably established as a foundation or a public-private partnership under the supervision of the Central Islamic Council of Thailand. Furthermore, it emphasizes the importance of fostering cooperation with Islamic financial institutions and adopting technology to enhance efficiency and transparency in future Waqf management.