To analyze the practice, available policy papers, documented archives, and contents of semi- structured interviews with their officials were used. On the concept, the contents of the original fatwa and scholarly write-ups and literature were reviewed. To determine risks to the effectiveness of the concept and practice of saham waqf, both have to be studied qualitatively. The explanatory study is of the concept of saham waqf and the practice of four waqf institutions in Malaysia. Hence, this paper aims to look at the effectiveness of saham waqf in providing adequate funds for the development of waqf properties. It is often said that waqf is asset rich but cash poor. The study recommends that, in order to achieve a more transparent market, it is paramount for low transparent and opaque nations to fight against corruption. The study concludes that the Transparency International’s CPI can be used to determine a yearly transparency level of a nations’ property market, rather than waiting for GRETI’s index which is publishable once in two years. This study has statistically proven that there exists a correlation between transparency and corruption using an aggregate of at least 6 years for each of the market studied. In conclusion, the study adopted Regression to develop an equation that could predict a markets transparency level given its corruption index. It was found out that there is a strong correlation between the level of corruption in a nation and its transparency level giving a 0.740 correlation coefficient at 1% significance level, while there was no significant relationship between a country’s population density and its transparency level and corruption on the other hand. The study adopted the Pearson Correlation to justify the assertion that a nation’s transparency index is dependent on its corruption level vis-à-vis population density. This study therefore, tested the relationship between the real estate market transparency and individual country’s level of corruption and population size using indexes from two independent global rating bodies, the Jones Lang LaSalle’s Global Real Estate Transparency Index (GRETI) and the Transparency International’s Corruption Perception Index (CPI) for 96 countries for an average of 6 years in order to determine whether the assertion is true.

Transparency is a crucial factor in considering investment in the real estate market, thus its absence in a property market is seen by some researchers in the field as related to corruption in the property market, thus low transparency or opacity being synonymous to corruption, without empirical proof.

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