Waqf has the potential to function as a mechanism towards improving the welfare of the ummah. Even though waqf has been long practised in all Muslim countries, each country has different methods of implementing it. Issues pertaining to waqf have become the most talked about agenda among Muslim scholars, administrators, and academics, particularly, the deficiencies of the conventional model and the lack of knowledge among practitioners, which has led to the mismanagement of waqf assets. The need to expand the conventional Waqf concept into business practices in achieving Islamic transformation agenda and wealth creation is, therefore, crucial.

The aim of this study is to explore a holistic corporate waqf model to be used by organisations to address social issues and to create wealth for the ummah. A Tawhidic concept premised on the Quran and Sunnah was used to underpin the development of the proposed corporate waqf model. Content analyses of existing academic literature on Waqf, followed by preliminary semi-structured interviews, were conducted to provide a framework for the development of the corporate waqf model. The findings from this study would be of interest to academics, regulators, and practitioners in our quest to improve the existing waqf model of income distribution to maximize wealth for the ummah through a more efficient and effective wealth management system of governance and accountability.