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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.
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.
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.
Endowments or Awqaf (the plural of waqf) can be used not only to provide immediate necessities to the poor, but also to create or strengthen business support institutions that can lower the cost of doing business for the poor. Awqaf can also be used to support and build infrastructure institutions that can improve corporate governance and reduce the cost of doing business. For example, information bureaus, market regulatory bodies, the provision of accountancy services, and other such shared services for a group or for the entire society can be funded through waqf. The Book therefore sheds more light on the concept of Waqf, its meaning and historical development. The Book also focuses on some possible roles that Awaqf may play in the socio-economic development of the Muslim societies.
Objective - Islamic Financial Institutions (IFIs) are founded upon principles of encouraging economic wellbeing for the betterment of society. Despite this, fresh measures are required to ascertain the sustainability of IFIs due to the deterioration recorded in annual rate growth levels that has slumped to 8.2% in 2016, compared to 24.2% in 2011. Similarly, waqf, which aims to contribute to socio-economic growth, appears to underperform due to inefficient management and lack of resources from State Islamic Religious Councils (SIRCs) in Malaysia. Therefore, growing attention is given to adding value to related operations so as to continuously expand without undermining their obligation towards societal welfare.Methodology/Technique - In responding to this issue, Value-Based Intermediation (VBI) through a cross-sector collaboration strategy has been proposed in this paper to streamline the investments of IFIs in executing their business responsibilities in a strategic manner, especially to generate sustainable socio-economic growth through waqf development projects. Nonetheless, in order to strategically perform in project collaboration for sustainability, strong commitment from IFIs and SIRCs is needed.Findings - A significantly positive relationship was discovered between the independent variables (affective commitment, normative commitment, and continuous commitment) and organisational sustainability.Novelty - The paper concludes with an assumption of the readiness of both organisations in effectively developing waqf projects, along with several recommendations for future studies in further contributing to the success of waqf development which will contribute to organisational sustainability.Type of Paper - Empirical.
This book provides a comprehensive analysis of Waqf management and its impact on socio-economic development, specifically financial inclusion and sustainable development as well as of the legal issues in Waqf management in IsDB member countries and jurisdictions. It explores various aspects of Waqf management in IsDB member countries/jurisdictions as well as in non-Muslim majority countries such as Waqf regulation, its modernization, and relationship to Maqasid Al-Shari’ah; performance of Waqf activities; time and activity-wise distribution of Waqf resource management; the antecedents and consequences of Waqf assets (both physical and cash); the strategies and models to promote Waqf related activities for greater socio-economic development; good governance practices through the formulation of informed policies for Waqf projects, among others. Comprising different issues and perspectives adopted by various researchers, the work is specifically designed to meet the needs of academics and industry practitioners in the field of Islamic finance.
This book explores how philanthropy is perceived and practiced in a predominantly Muslim society. It is the first academic quantification of philanthropic giving and volunteering using a representative sample of the Egyptian population, providing the reader with a quantitative and qualitative analysis of the state of philanthropy in Egypt. The book discusses traditional and religious philanthropic mechanisms and provides a thorough explanation of the waqf system, how it is perceived today, and how it could support innovation. Furthermore, as a solid direct product of the research embodied in the creation of a community foundation, it discusses reviving and modernizing the concept of waqf, thus elaborating an example of how academic studies may be employed to create proto-types for learning and calculated action.
"This book provides ideas to its readers about the approaches pertaining to Islamic social finance tools such as "zakat, sadaqah, waqf, Qardh al-hasan, green Sukuk, Financial literacy, kafala and Takaful", practical implementations, challenges and issues", change management and other related aspects required for community development and poverty alleviation"--
This book explores the various aspects of Waqf management in IsDB member countries/jurisdictions as well as in non-Muslim majority countries. Topics covered include Waqf regulation, its modernization and relationship to Maqasid Al-Shari’ah; performance of Waqf activities; time and activity-wise distribution of Waqf resource management; the antecedents and consequences of Waqf assets (both physical and cash); the strategies and models to promote Waqf-related activities for greater socio-economic development; good governance practices through the formulation of informed policies for Waqf projects; the confluence of Waqf, zakah, charity, and Islamic microfinance impacting socio-economic development and so on. Comprising different issues and perspectives adopted by various authors/researchers, the book is specifically designed to meet the needs of academics and industry practitioners in the field of Islamic finance to provide general and Shari’ah guidelines on the emerging issues within the subject.