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This book focuses on the historical development, codification and present day perceptions of Islamic law in Zaydī Yemen in the field of waqf, the relation between theory and practice over time and the development of central waqf administration.
Poverty is one of the top problems the Muslim community faces today. A scholastic approach towards a solution based on the values and cultural contexts of the Muslim community holds great importance and significance to the Islamic civilizations and modern economic and cultural applications in the world. Challenges and Impacts of Religious Endowments on Global Economics and Finance is a pivotal reference source that examines the role of waqf and similar endowments in Islamic financial systems and how these religious endowments impact global economics and finance. While highlighting topics such as Islamic finance, risk management, and economic development, this publication explores adopting Islamic approaches to contemporary socio-economic issues and the methods of content analysis and meta-analysis methods. This book is ideally designed for professionals, economist regulators, financial analysts, academics, researchers, and postgraduate students seeking current research on modernized Islamic economic models in order to tackle the problem of fiscal deficiency.
Waqf is one of the most potent socio-economic tools for reducing public sector deficit and breaking the chain of intergenerational poverty. Providing a high-level discussion on waqf development and innovation within the context of modern socio-economic and legal developments, this book examines the importance and potentials of waqf and the issues relating to its legal and regulatory framework. The research delivers future directions for countries that plan to explore this socio-economic institution. Readers and policymakers will be able to replicate successful experiments and learn from some failed initiatives to seek alternative funding platforms to support the fiscal policies of developing countries. The volume discusses the relevance and novel application of waqf in the modern economic system and social development, it reviews applicable laws and regulations pertaining to waqf and trust laws and examines critical, cross-country case studies and experiences. Setting an agenda for further researchers in the field of waqf, this comprehensive high-level analysis, with case studies from leading jurisdictions across the world, is a key resource for researchers, policymakers and institutions interested in charitable endowments, Islamic finance, and social finance.
The Research Handbook on Islamic Law and Society provides an examination of the role of Islamic law as it applies in Muslim and non-Muslim societies through legislation, fatwa, court cases, sermons, media, or scholarly debate. It illuminates the intersection of social, political, economic and cultural factors that inform Islamic Law across a number of jurisdictions. Chapters evaluate when and how actors and institutions have turned to Islamic law to address problems faced by societies in Muslim and, in some cases, Western states.
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 work presents an analysis of the earliest legal treatises on the Islamic trust, or waqf - the Ah kam al-Waaf" of Hilal al-Ray and the Ah kam al-Awqaf of al-Khassaf. This work undertakes a textual analysis of the treatises.
Compelling and original, this book offers a unique insight into the modern Islamic corporation, revealing how power, relationships, individual identities, gender roles, and practices - and often massive financial resources - are mobilized on behalf of Islam. Focusing on Muslims in Malaysia, Patricia Sloane-White argues that sharia principles in the region's Islamic economy produce a version of Islam that is increasingly conservative, financially and fiscally powerful, and committed to social control over Muslim and non-Muslim public and private lives. Packed with fascinating details, the book is essential reading for anyone with an interest in Islamic politics and culture in modern life.
As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.
A concise study of the practices in Islamic commercial law Filling a gap in the current literature, Islamic Commercial Law is the only book available that combines the theory and practice of Islamic commercial law in an English-language text. From the experts at the International Islamic University Malaysia, the book examines the source materials in the Qur'an and Hadith, and highlights the views and positions of leading schools of Islamic law, without burying the reader in juristic minutia. It combines theory with practice to address the needs of students while providing a pragmatic treatment of Islamic contracts. It provides diagrams for individual contracts to reveal the type and nature of the contractual relationships between parties and discusses all types of fundamental transactions, including sales, loans, debt transfers, partnerships, and more. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance Closes a vital gap in the English-language literature on Islamic commercial law Features end-of-chapter questions to enable self-testing and provoke critical thinking An ideal guide for current students, researchers, and practitioners, Islamic Commercial Law offers a concise yet comprehensive coverage of the subject.