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Background 1. In the Arabic language, the word waqf or habs means preventing something from movement. In Shari’ah terminology, waqf refers to making a property invulnerable to disposition that leads to a transfer of ownership, and donating the usufruct, or the fruit of the asset, to beneficiaries. Waqf is permissible in Shari’ah, as has been emphasized by the Sunnah (Prophetic traditions) and Ijma’ (consensus of Fuqaha). Waqf is also a binding commitment; therefore, the declaring of a property as waqf would simultaneously deprive its donating owner of the right of ownership.1 2. There are several types of waqf, the most important being charitable waqf (al-waqf al-khayri), family waqf (al-waqf al-ahli), joint waqf (al-waqf al-mushtarak), and self-dedicated waqf (al-waqf’ala al-nafs). The basic elements of waqf include: the form of the donation, the waqif (the donor), the beneficiary, and the donated property. Waqf is permissible in the form of real estate along with permanent furniture and fittings, movable assets, money, shariah compliant shares and sukuk. Regulators and Supervisors will observe all of the regulations, including Shari’ah-related regulation, to ensure the compliance of all related parties. 3. The core principles of waqf, as part of Islamic finance, embrace the principle of altruism, which promotes or maximizes the benefits to others, inclusively for all humans and living beings. The principles emphasize the importance of maintaining or keeping public confidence high since the system is fully dependent upon the public’s propensity to donate. 4. A well-organized waqf system supported by information technology and compatible with other programs can be expected to serve as an additional vehicle of fund mobilization to support and significantly contribute to government economic development programs, particularly to programs for poverty reduction and comprehensive human development. 5. The institution of waqf has evolved over time and across different regions. Most regions have legal systems that reflect a traditional concern for preservation as captured in the three principles of perpetuity (assets/purpose), inalienability, and irreversibility. Contemporary scholars take a lenient view and permit temporary awqaf as well as reversibility under certain conditions. This waqf core principles duly acknowledges that there are different school of thoughts related to the law and the implementation of awqaf. The Waqf Core Principles (WCP) have thus been structured around certain basic building blocks focusing on “benevolence” and “mutual benefit” while also seeking to harmonize alternative viewpoints. Technical Considerations 6. The Waqf Core Principles (WCP) provide a clear positioning of the awqaf sector within the economic structure, especially in terms of providing direct socio-economic benefits (utilization of the corpus of awqaf in the form of fixed or non-fixed assets) and the contribution of low-cost financing from the returns on investment of the corpus of awqaf. 7. The Waqf Core Principles (WCP) provide clear and standardized systematics on the supporting elements of the worldwide-applicable waqf system. This waqf core principles is also positioned so as to ensure compatibility with, and the mutual recognition of, other financial sector prudential standards, as well as the latest regulatory standards that promote governance aspects. 8. The Waqf Core Principles (WCP) place the operational standards and supervision of the waqf sector at the same prudential level as that of other financial sectors. Operational standards are prepared to consider the risk-adjusted measures based on managed asset classes and the optimization of benefits for the community. 9. The Waqf Core Principles (WCP) dissect the elements of supervision related to the operationalization of the waqf system into a systematic arrangement structure as follows: a. Legal foundation; b. Waqf supervision; c. Good waqf governance; d. Risk management; e. Shari’ah governance. 10. This is the main reference document for the generation of various technical notes that cover specific technical aspects of waqf arrangement. 11. This is the main reference document for measuring the performance of waqf management while accommodating the technical and operational issues that different jurisdictions may involve. 12. This waqf core principles allows scope for the commingling of endowment funds with other philanthropy-driven funds while underlining the following: a. divine motivation; and b. the restriction of a portfolio only to halal businesses; c. the underlying physical asset. 13. The core principles underscore the importance of financial technology applications in waqf management.
This is an open access book.Related to the big theme of the SDGs reinforcement at our previous conference, we try to invite all academics and researchers around the world to participate in the 4th Borobudur International Symposium 2022 (4thBIS 2022). As we know, the COVID-19 pandemic and its impact on all the 17 SDGs have demonstrated how what began as a health catastrophe swiftly transformed into a human, socioeconomic and environmental crisis. The 4th BIS brought up “The Innovation Chain: A Contribution to Society and Industry” as the main theme to respond this condition. This conference is expected to support the UN Agenda. Additionally, this conference will also provide avenues for participants to exchange ideas and network with each other as well as domain experts from their fields. Overall, this event is aimed at professionals across all spheres of technology and engineering including the experienced, inexperienced, and students as well. The conference will be held virtually on Wednesday, December 21st, 2022 in Magelang, Central Java, Indonesia.
At a time when Asia represents the fastest growing economic region, there is no better moment to consider what trusts law can contribute to societal stability and economic prosperity. This book does this by offering the first work that systematically explores trusts law across the region. Many Asian-Pacific jurisdictions have integrated and developed trusts law in their legal systems; either through colonial heritage or statutory activism. But the diversity of legal traditions and local contexts has resulted in trusts laws having a significantly varied impact across the region. In the modern globalised world there is growing need to adopt an outward looking approach in dealing with matters of common interest. This book answers this need by bringing together leading legal scholars and practitioners in the region to explore the theory and practice of trusts law, contextualised to specific jurisdictions in the Asia-Pacific. Exploring 17 jurisdictions in Asia, it bring both an academic and practitioner perspective to trusts law in the region.
This book provides an authoritative and comprehensive overview of Waqf (endowment), addressing specific issues, models, solutions, structures and practices. As Islamic finance has gained in significance, so too has the institution of Waqf, working towards creating an enterprising and an entrepreneurial community across the globe, in order to meet the underlying objectives of the sustainable development goals (SDGs) by targeting the low-income group in particular. The book analyses the historical context of Waqf as well as its revival in the digital era. It addresses the laws and policies affecting the management of Waqf, such as Maqasid al-Shari’ah, law and policies, law and fiscal reform, regulations applied within Muslim countries, judicial procedures and dispute resolutions and covers the core issues concerning the formalities of Waqf, its management and corporate governance questions. The book includes a series of specialised chapters focusing on the products and services of Waqf, covering product innovation, product development, and then assesses the risk factors in Waqf and Waqf Takaful. Finally, it focuses on the challenges of Waqf and offers recommendations for the way forward. A timely and practical guide, comprising a literature review and future research directions, as well as a number of international case studies, this will be a key reference for academics, students, researchers, practitioners and policy makers.
Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity.
This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and differences of IBs with conventional banks (CBs) and reviews whether the IBs are more stable than CBs. Given the risks faced by IBs, the paper concludes that they need a legal, corporate and regulatory framework as much as CB does. The paper also argues that it is important to ensure operational independence of the supervisory agency, which has to be supported by adequate resources, a sound legal framework, a well designed governance structure, and robust accountability practices.
Islamic foundations (waqf, pl. awqāf) have been an integral part of Yemeni society both for managing private wealth and as a legal frame for charity and public infrastructure. This book focuses on four socially grounded fields of legal knowledge: fiqh, codification, individual waqf cases, and everyday waqf-related knowledge. It combines textual analysis with ethnography and seeks to understand how Islamic law is approached, used, produced, and validated in selected topics of waqf law where there are tensions between ideals and pragmatic rules. The study analyses central Zaydī fiqh works such as the Sharḥ al-azhār cluster, imamic decrees, fatwās, and waqf documents, mostly from Zaydī, northern Yemen. For the Arabic edition, please see here.
This book presents successful case studies in Muslim and Muslim minority countries that have revolutionized the redevelopment of idle waqf properties into productive land trusts. The revival of this institution over the last two decades shows the growing optimism in galvanizing the socioeconomic role of waqf by adopting its flexible shariah measures. Innovative ways of financing redevelopment allow Muslims to extend these roles to include new beneficiaries. New uses for these properties include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the masses, providing health care, and sheltering the poor and needy. Countries under study include Sudan, Turkey, Malaysia, Indonesia, Singapore, New Zealand, Kuwait, Oman, Qatar, and Iran. Additionally, the book examines the International Development Bank's role in financing the development old waqf properties in different countries.