Financing the Development of Old Waqf Properties: Classical Principles and Innovative Practices Around the World

ISBN-13: 9781137581273 / Angielski / Twarda / 2016 / 267 str.

Magda Ismail Abdel Mohsin; Hisham Dafterdar; Murat Cizakca

Opis

The institution of waqf played a major role in early Islamic civilization. It involves every aspect of socio-economic life in the Muslim world. Because there is no clear legal reference to the waqf in the Qur'an, early Muslim jurists relied on the Sunnah of the Prophet (pbuh) and the actions of his companions to derive its laws. Being a deduced law, this allows a certain measure of flexibility in deriving its law from the different schools of law, to suit the different needs arising within the different Muslim societies. However, the last century witnessed its destruction for many social and political reasons. Hence its role becomes idle and unproductive in almost all Muslim countries, a situation where huge number of old waqf properties was left idle and undeveloped, and hence founders' conditions were not fulfilled for many years and also the rights of the beneficiaries were not met. The revival of this institution within the last two decades shows optimism approached in galvanizing its socio-economic role again through adopting its flexible shariah measures and providing innovative modes of finance that succeeded in redeveloping old waqf properties and extending their role to include new beneficiaries. The book's main objective is to present as much as possible the different successful cases in making a revolution reform of the idle waqf properties in Muslim and Muslim minority countries into productive ones today. These reforms include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the mass, taking care of the health of the people, and sheltering the poor and needy in the different countries. Countries under studies are; Sudan, Turkey, Malaysia, Indonesia, Singapore, New Zealand, Kuwait, Oman, Qatar, Iran and the IDB role in financing some of the old waqf properties in different countries.

Spis treści

Special Message from Khazanah

Foreword by Daud Vicary Abdullah

1. Legal Framework of the Institution of Waqf

2. Development and Administration of the Instition of Waqf, Past and Present

3. The Role of Waqf in Modern Economic Development

4. Current Development of Waqf Properties in Selected Countries and their Socioeconomic Roles

4.1. Turkey

4.2. Malaysia

4.3. Singapore

4.4. Sudan

4.5. Indonesia

4.6. Iran

4.7. New Zealand

4.8. Kuwait

4.9. India

4.10. Pakistan

4.11. Bangladesh

5. Waqf Development: The Islamic Development Bank Experience

6. Modus Operendi and the Structures of both Classical and Innovative Modes of Finance

7. Conclusion

O autorze

Magda Ismail Abdel Mohsin is Associate Professor of Islamic economics and finance at the International Centre for Education in Islamic Finance (INCEIF), Malaysia. She holds a doctorate in Islamic Civilization/Islamic Economics from the Institute of Islamic Thought and Civilization of the International Islamic University Malaysia.

Co-Researchers:

Hisham Dafterdar, Awaqf New Zealand and Canadian Islamic Trust Foundation;

Murat Cizakca, INCEIF, Malaysia / Luxembourg School of Finance, German;

Syed Othman Alhabshi, INCEIF, Malaysia;

Shaikh Hamzah Abdul Razak, INCEIF, Malaysia;

Seyed Kazem Sadr, INCEIF, Malaysia;

Thamina Anwar, University of KwaZulu-Natal, South Africa; 

Mohammed Obaidullah, Islamic Development Bank, Saudi Arabia

Blurb

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.