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ArticlePDF Available SUKUK-WAQF: THE ISLAMIC SOLUTION FOR PUBLIC FINANCE DEFICITS * April 2018 Authors: Oubdi Lahsen * University Ibn Zohr - Agadir Raghibi Abdessamad * Ecole Nationale de Commerce et de Gestion, Agadir, Morocco Download full-text PDFRead full-text Download full-text PDF Read full-text Download citation Copy link Link copied -------------------------------------------------------------------------------- Read full-text Download citation Copy link Link copied Citations (29) References (19) Figures (1) ABSTRACT AND FIGURES The majority of Muslim countries face increasing pressure on their budget, which pushes to more public spending. Eventually, the main victim of this situation will be the welfare of Muslim communities. Despite Islam does not tolerate negligence regarding the importance of State as major player in preserving the welfare of Muslim communities, it offers a third option to support public effort through the institution of Waqf. Indeed, this institution has played a crucial role all along Muslim civilization and it is invited to more innovation to answer to today's challenges. Sukuk-Waqf can be seen as the perfect sustainable financing instrument offered by Islam to help sustain public spending by the people and for the people. This paper will try to examine the concept of Waqf, cash Waqf and Sukuk Waqf is Islam and their evolution during Muslim civilization. Finally, it will go through modern attempts to implement this model that can answer the need for financing to support public effort to preserve the welfare of Muslim citizens. The Structure of a Sukuk-waqf operation … Figures - uploaded by Raghibi Abdessamad Author content All figure content in this area was uploaded by Raghibi Abdessamad Content may be subject to copyright. Discover the world's research * 25+ million members * 160+ million publication pages * 2.3+ billion citations Join for free Powered By 10 Learn how to best influence lab equipment purchasing behavior Share Next Stay Public Full-text 1 Content uploaded by Raghibi Abdessamad Author content All content in this area was uploaded by Raghibi Abdessamad on Apr 01, 2018 Content may be subject to copyright. http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 1 SUKUK-WAQF: THE ISLAMIC SOLUTION FOR PUBLIC FINANCE DEFICITS Lahsen Oubdia, Abdessamad Raghibib aUniversity Professor, National School of Business & Management, Entrepreneurship, Finance and Audit Laboratory, Ibn Zohr University. l.oubdi@uiz.ac.ma bPhD Candidate, National School of Business & Management, Ibn Zohr University. Abdessamad.raghibi@edu.uiz.ac.ma Abstract-- The majority of Muslim countries face increasing pressure on their budget, which pushes to more public spending. Eventually, the main victim of this situation will be the welfare of Muslim communities. Despite Islam does not tolerate negligence regarding the importance of State as major player in preserving the welfare of Muslim communities, it offers a third option to support public effort through the institution of Waqf. Indeed, this institution has played a crucial role all along Muslim civilization and it is invited to more innovation to answer to today’s challenges. Sukuk-Waqf can be seen as the perfect sustainable financing instrument offered by Islam to help sustain public spending by the people and for the people. This paper will try to examine the concept of Waqf, cash Waqf and Sukuk Waqf is Islam and their evolution during Muslim civilization. Finally, it will go through modern attempts to implement this model that can answer the need for financing to support public effort to preserve the welfare of Muslim citizens. Key words: Sukuk-waqf, public spending, sustainability. I. INTRODUCTION Upon this earth, wealth belongs to Allah as He is the sole Creator of everything. However, Humans were chosen to accomplish the duty of viceregency on this earth by exploiting the bounties given to him through economic activities permitted by Islam. Consequently, Humans acquire and transfer properties through different form of contract that can be divided into lucrative and non-profit transaction. Waqf can be categorized under the second type of contract of non-profit transaction. It be defined as the concept of dedicating any property for posterity from which its profit may be used for any charitable intention [3]. Prophet Muhammad once said: "The record [Book of Deeds] is closed when a person passes away, yet those who leave behind knowledge, good children or 1 Khaybar is a city 153km north of Medina, it was the place of one of the battle conducted by the Prophet against the Jews. works of charity are exceptions. Good deeds will continue to be written in that person's record." Prophet Muhammad founded Waqf himself and advised his devotees and future Muslims followed his advice. He donated the date garden in Khyber 1 to Muslims. Waqf-like charity has a history older than Islam, which seems to have existed in ancient Mesopotamia, Greece, Rome as well as pre-Islamic Arab Societies [7]; [15]; [18]. Lately, all empires that ruled on Muslim territories have given a crucial place to Waqf institution as a tool to develop and secure the welfare of Muslim communities. Indeed, throughout History, Muslim civilizations have adopted the concept of Waqf mainly to mitigate the burden of public services especially during the Ottoman Empire where the size of Muslim population reached more than twelve million and a half Muslim [13]. One can say that no such thing as municipal authorities had ever existed in those cities, the Waqf proved the most important (if not the only) means by which Ottoman sultans and senior state officials could provide their citizens with the most basic and essential public services [14]. Moreover, Waqf has been promoted to a viable pillar of state governing as it considerably helps rulers to optimally govern with a high level of financial ease. Even government financing of education used to take form of constructing a school and assigning certain Waqf property that provides regular revenues to cover operating expenses of the school [6]. The current economic situation of almost all Muslim countries in terms of their illiteracy rate, lack of good healthcare, high unemployment rate, and the spread of poverty is a call to policy makers and researchers to rethink strategies to re-born Waqf institution. Furthermore, the need for growing infrastructure project is a crucial component of the growth equation for any country. However, states EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 2 cannot afford taking big investment project alone anymore due to budget constraints, global recovery slow down and the fallen of raw materials prices. In fact, basic social needs should maintain a parallel growth similar to the demographic growth as to satisfy the population’s demand but the lack of financial resources breaches this rule leaving the way to disequilibrium within the society that can put the stability of states in jeopardy. Consequently, public sector and government should search for sufficient sources of financing and private sector sounds to be the optimal fit for this equation. Nevertheless, Muslim communities have another way that might solve the problematic of infrastructure financing which is the development of Sukuk-Waqf as an efficient instrument to secure sustainable financing for the growing needs for infrastructure. The adoption of such instruments aims to combine both religious duty of charitable spending and economic development. This paper aims to raise the attention of public to the crucial role of Waqf to solve the current lack of financing towards infrastructure projects that impedes the development of Muslim countries. The proposed instrument is composed of two Islamic products, which are Sukuk and Waqf. Both of them will help to make the idea of Waqf within reach of all Muslim in order to make economic development a matter of all the community. II. THEORITICAL FRAMEWORK OF WAQF In the Arabic language, the word “waqf” (pl. awqaf) literally means to hold, confine, prohibit, detain, prevent, or restrain. Legally, it means “to protect something, by preventing it from becoming the property of a third person” [11]. In other terms, Waqf is an endowment made by the rich to benefit the poor. It is one of the important elements in Islam in alleviating poverty through providing basic needs to increase general welfare of people [19]. In Islamic Law, Waqf requires restriction of a particular property as it is highlighted from the literal definition despite the existence of some divergences regarding the periodicity of Waqf. The hanafis, Chafi’is and Hanbalis 2 opt for a permanent Waqf. However, it could be temporary for the Malikis who confirm that the Waqif has the right to define a certain period for the contract, which by its end the property returns to him 3 . In other terms, Waqf is also explained as an action of conserving some property for a specific charity that prohibits any use of it outside the specific purpose [5]. Property/money provided as Waqf ceases to belong 2 Islamic Schools of thought are in the number of four: Maliki, Shafi’i, Hanbali and Hanafi. 3 Al-charh al-saghir li-dardir 4/94 to the contributing individual or organization. Waqf cannot be transferred to anyone, inherited or put up for sale, since it is considered to belong to Allah (SWT) [10]. The structure of Waqf is based on four elements: the Waqif, the element endowed (Mawquf), the beneficiary (Mawquf ‘alayh) and the form of the contract (Al-sighah). For each element cited below, there is certain condition by which the process of Waqf is considered valid. According to ElKhatib (2016) the waqif or founder of the waqf must be a: ‘aqil: (someone in full possession of their mental capacity) Baligh (adult) Hurr (free person) Capable of transferring the ownership of the asset or property from himself to the ownership of Allah According to Mahmood (2008), the corpus must be entirely owned by the donor before he/she contributes it and he/she understands that his/her has to relinquish responsibility of the assets since ownership is transferred to Allah (SWT). Once the element endowed is given to the waqf, the role of the donor toward his/her assets becomes inactive, and a manager or trustee of the Waqf property will take over responsibility to utilize the property in line with the donor intentions [4]. The founder should specify the beneficiaries in his will or waqf deed. They should be members of the family of the founder or members of public who are in need for financial assistance. The Benefit of the trust can also be allocated to activities such as building a medical facility, mosque, or setting up a shelter or a school [8]. The contract is normally prepared in writing (orally declaration is also allowed), to avoid disagreements or misunderstandings in the future and also for record purposes [4]. An example of Al- sighah 4 normally employed is “I donate my land as a waqf for the sake of helping needy”. Originally, the periodicity of Waqf is to be eternal according the Hanafis, Hanbalis and Shafi’is 5 . However, the Malikis authorize a Waqf restriction of one year or so for a known period to which after its achievement, the ownership returns to the Waqif or other 6 . 4 The forms by which Waqf contract is been established. 5 Bada’i’ Al-sana’i’ lil-kassani 336/6. 6 Al-charh al-saghir 106/4. EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 3 From Maqasid Al-shari’ah 7 perspective, cheikh Tayyeb ibn Achour listed four roles of Waqf in Islam: 1. Encouraging and multiplying Waqf actions as it brings public and private interest (Maslahah). For that, it is recognized by shari’ah as deeds which Divine reward is continuous after one’s death. The Messenger of Allah peace be upon Him said, "When a man dies, his deeds come to an end except for three things: Sadaqah Jariyah (ceaseless charity); a knowledge which is beneficial, or a virtuous descendant who prays for him (for the deceased)." 8 2. For the Waqf to be given from a clear and unhesitating conscious because it is consider as a Ma’rouf and a generous act. Also, Waqf is given with no expectation of an instant compensation. Therefore, the highest intention of Waqif is public good and Allah’s reward. 3. Offering and providing a multitude of means by which Waqf can be achieved. This objective fully falls into the first one of inciting and encouraging Waqf actions. 4. Not making Waqf an excuse to waste the money of heirs or debtors as it was the case during the time of jahiliyya 9 . It is obvious that waqf represents the highest form of giving in Islam because of its privileged value and the sustainability that it presents. It can be seen as a genius response of Islam to public financing through unconventional ways. Indeed, as most of countries suffer budget cuts and the pressure of public debts, Waqf can be the perfect instrument to rebalance the equation and preserve the welfare of Muslim communities. III. CASH-WAQF The cash waqf is a form of certificates with different denominations to raise money against the planned projects. The issued certificate will be bought by a number of individuals or institution to finance the planned projects. Separate cash waqf will be raised for each individual waqf activity [12]. Historically speaking, Çizakça (1998) stated in his paper that during Ottoman economy, cash waqf played important role. According to classical Scholars of Hanbalis and Shafi’is cash Waqf is not permissible, because cash 7 Maqasid Al-shari’ah refers to the highest goals of Islam. 8 Sahih Muslim ‘an Abi-hurayra N°1631 9 Before the rise of Islam. waqf results of consuming the money in order to spend it. Because of that, the element endowed in this case money is destroyed by the act of spending 10 . Oppositely, the Malikis and Hanbalis consider cash waqf permissible. Ibn Taimiyyah quoted from Ahmad bin Hanbal and said that cash waqf is beneficial through utilizing it. In its fifteenth meeting, Al-mujamma’ al-fiqhi (Islamic Fiqh Academy) issued a statement N°140 that confirms the permissibility of cash Waqf ending the discussion of this issue. Based on Maqasid Al-shari’ah cited in the previous section, Ahmed Hadad the Grand Mufti of Dubai 11 extended these Maqasid to cash Waqf. They can be resumed as follow: 1. The implementation of cash Waqf will, evidently, encourage more individuals to restrict part of their wealth, as contribution would take form of small amount of money, which will amplify the practice of Waqf. 2. As for the matter of clear and willing conscious, cash Waqf through small or big amount is obvious evidence that the Waqif does not ask for anything else except the blessing of Allah. 3. The expansion of cash Waqf falls logically in the Maqsid of diversifying the means by which Waqf is practiced and offers an alternative to those with small means. 4. The Maqsid of not wasting others wealth exists in cash Waqf because of the structure of such instruments that accepts all amount of contribution, which cannot cause any harm for anyone’s wealth or heritage. The current structure of cash Waqf can be presented as follow: Figure I. The General Structure of Cash-waqf Operation 10 See Al-mughni by Ibn-Kudama 5/640 11 Fiqh Al-waqf Ahmed Hadda pp: 48-51. EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 4 Source: The Global Islamic Finance Report 2015 The presented structure offers a high level of flexibility regarding the use of the proceeds depending on the need of community. Although the Waqif specifies the use of its money within the contract, the structure can be personalize to match the needs of the community though different pools. Additionally, cash waqf is a special type of endowment that differs from the ordinary real estate waqf in that its original capital consists, purely or partially, of cash. Social Islamic Bank in Bangladesh has been offering a cash waqf deposit for a few years now. Other banks offering deposits based on the cash waqf include Islamic Bank Bangladesh, EXIM Bank, Bank Asia, Shahjalal Islami Bank, Al-Arafah Islami Bank, Prime Bank (all in Bangladesh) and Bank Islam in Malaysia. All these are examples of indirect cash waqf models 12 . IV. SUKUK-WAQF The origins of sukuk can be traced back to the classical Islamic period (700-1300AD) where a sakk (singular of sukuk) was used to describe any document representing financial liability. This instrument represents financial obligations resulting from trade and other commercial activities. Such practice was practiced in conformity with verse 2:282 of the Holy Qur’an: “When ye deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing…It is more just in the sight of God, more suitable as evidence and more convenient to prevent doubts among yourselves.” The International Islamic Fiqh Academy issued a statement in 1988, holding that “Any combination of assets (or the usufruct of such assets) can be represented in the form of written financial instruments which can be sold at a market price provided that the composition of the groups of assets represented by the sukuk consist of a majority of tangible assets”. According to AAOIFI, Sukuk is defined as: “Investment sukuk are certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activity, however, this is true after receipt of the value of the sukuk, the closing of subscription and the employment of funds received for the purpose for which the sukuk were issued.” 13 12 Global Islamic Finance Report 2015 The securitization of assets is a highly important stage for the development of capital raising because of its standardization and regulation. All strategies that aims to raise sufficient funds through public source shall opt for Bond or Sukuk in the case of Islamic finance. Sukuk-waqf is composed of a merger of Sukuk based contract and Waqf. It can be defined as tradable certificate of equal monetary value that represent the money restricted (Al-mal al-mawquf) [17]. There is a variety of types of Sukuk, which are based on the existing Islamic contracts: Murabahah, Ijarah, Mudarabah, Musharakah, Wakalah and Salam. Other hybrid and complex structure of Sukuk can be found depending on the development of Islamic financial engineering. The general process of Sukuk issuance which will be later used for Sukuk-waqf structuring can be presented as follow: Creation of an SPV to represent the investors; Issuance of the certificates and putting them into circulation; Secure the cash-flow through the period of the contract from the issuer to the investor. Also, it is worth to note the main parties involved in the issuance of Sukuk: the Originator, which is the company wishing to raise funds, the Issuer of the Sukuk, which will be an existing or a newly incorporated special purpose vehicle (“SPV”); the Lead Arranger/Manager, which is the party arranging/managing the whole Sukuk process; the Trustee, who is an appointed party to represent and oversee the rights of the Sukuk holders from the beginning of the arrangement of Sukuk issuance until the full redemption of the Sukuk by the SPV; and the Sukuk holders, who are the investors intending to invest in the project, and who holds the Sukuk certificates as evidence of their investment in the Sukuk. The structuring of Sukuk-waqf may not differ from the structure of investment Sukuk in the form but in the purpose. In fact, the holder of normal investment Sukuk aims at profit based on the rule of “Al- ghunmu bil ghurm”. However, the holder of Waqf- sukuk is not driven by any lucrative consideration as 13 Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI, Shari’s standard No. 17, 2008, p.307. EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 5 he only aims at Allah’s blessing and serving public interest. It is important to note that it should be feasible to merge other form of financing in the case of big public project because of insufficient fund or time pressure. Al-qard al-hassan could be one the instrument that could complete the structure of the project [16]. The structure by which public authorities could raise fund for socioeconomic project can be presented as follow: Figure II. The Structure of a Sukuk-waqf operation Source: Adapted from Hassan (2014) The mention of Qard al-hassan 14 within the model does not mean its prevalence; it is strictly a support instrument in case of big project. The equation below explains with more light the statement above: 𝐾𝑝= 𝑎 𝑤 + 𝑐 ; 𝑤 ∈ [0,𝐾𝑝 𝑎] ; 𝑐 ≥ 0 With: Kp: the total amount of the project; a: Nominal value of Waqf certificates; w: the slope; c: total amount of qard al-hassan. The other issue that may arise with the use of a debt component within the structure is the element of 14 Qard Al-hassan means a debt that does not generates any interest. guaranties as the amount borrowed is due on the waqf fund. For that, it is advised to subscribe to a takaful product for more insurance and viability of the project. The next point that requires clarification is the provenance of the funds. Normally, the most common way would be spontaneous acts from people seeking charitable activities. However, as we aim into making this instrument a sustainable support for the state in providing decent socioeconomic services to its community, effort to standardize and regulate sources of funds must be undertaken. As most of Muslim countries now have Islamic banks, the ideal path would the implication of banks in spreading the instrument of Sukuk-waqf and makes it a commonplace within their daily life. Government bodies through intensive media campaign must also engage in explaining the idea of Sukuk-waqf to their citizens and its consequences on their socioeconomic development. Many would wonder why choosing to merge a tool of complete lucrative goals with a charitable instrument like Waqf. In fact, he market for sukuk is now maturing and there is an increasing momentum in the wake of interest from issuers and investors. sukuk have confirmed their viability as an alternative means to mobilize medium to long-term savings and investments from a huge investor base. Consequently, the chances of raising important funds through Sukuk-waqf are more likely to happen within the environment of Sukuk market. V. WAQF AND PUBLIC BUDGET FINANCING THOUGHOUT HISTORY A closer look into the History of our civilization will show the crucial place of Waqf within the structure of Muslim Empires. From the age of The Prophet Peace be on Him to the Ottoman Empire, Waqf played a big role in education, healthcare and defense replacing the conventional tools of public financing such as tax. One of the first example of a waqf for social purposes was a drinking water well (called Rummah), which was bought from a Jewish man to provide free drinking water to all. Although the primitive role of Waqf used to finance mosques and religious teachers, it is important to note the expansion of the financing to all forms of education from the Umayyad and Abbasside reign 15 . In fact, in their periods, it was fact that there were no organized structures of waqf institutions as specific departments or ministers for taking care of public works, roads, bridges, mosques, schools, libraries and hospitals in order to cover those public needs. 15 Global Islamic Finance Report 2015 EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 6 Zubaidah, the wife of Harun al-Rashid 16 , as an individual, made land as well as cash waqfs in order to construct high ways from Baghdad to Makkah, bridges, and shelters for helpless [1]. Awqaf of the Ayubites (1171-1249) and the Mamalik (1249-1517) in Palestine, Syria, Lebanon and Egypt are good examples. Jerusalem had 64 schools at the beginning of the twentieth century all of them are Waqf and supported by Awqaf agricultural and metropolitan properties in Palestine, Turkey and Syria [6]. At its creation in 1923, three- quarters of the arable land in the Republic of Turkey belonged to awqaf. Also, one-eighth of all cultivated soil in Egypt and one-seventh of that in Iran were known to be waqf property. In the middle of the 19th century, one-half of the agricultural land in Algeria, and in 1883 one-third of that in Tunisia, was owned by Awqaf. It is surprisingly clear the remarquable value of Waqf and its stake in the economy was, which shows the leverage that it plays in creating a third option separate from the profit-based private sector and the official public sector. The Waqf institution has reached its peak during the Ottoman Empire where Waqf is directly involved in the economic cycle through job creation, agricultural, education and public welfare. Roadhouses and arcades, bakeries, grinders, workshops of candle and lead, bozahouses, abattoirs, etc., fair and market places, which were built in order to provide religious, cultural and social institutions, generally located around a mosque, such as madrasah, library, foodhouse (imaret), guesthouse (tabhane), hospital (darussifa), bath (hamam), caravansary and residences of the officers and employee of these institutions as well as infrastructure facilities such as water channel and sewerage system with regular income (each one is to be allocated to a group of art or trade competent), comprised the skeleton of the new city or district to be built or an old city (Barkan ve Ayverdi, 1970) quoted from [20]. Also, most of our architectural masterpieces such as Suleymaniye and Selimiye were created with the help of waqfs [20]. Also, it has also been estimated that the ratio of people employed by the waqf institutions to those employed directly by the state Turkey in 1931 was 8.23% to 12.68% [1]. This shows the role of Waqf in alleviating the civilization through rapid and self- financed urbanization far from the intervention of the State. 16 Harun Al-rashid (763-809) was one of the Abbassid-era’s caliph. VI. SUKUK-WAQF AND ITS MODERN APPLICATION Questions about the viability and applicability of Sukuk-waqf should be raised by this stage. It is believed that such papers and models are always left behind after short formal discussion. However, the current awareness about the social dimension of Islamic finance has brought public attention towards Waqf again. Indeed, projects based on Sukuk-waqf have started to merge. The most important one would the initiative of ISRA to lunch a social project in New Zealand based on Sukuk-waqf. The project will be implemented conjointly by Awqaf New Zealand, ISRA and Security Commission of Malaysia. The goal is to issue the world`s first Waqf-Sukuk worth of $1bn. The proceeds of the sukuk will be utilized to establish farming industry in New Zealand and Canada. Via these farms, Qurbani (slaughtering animals) will be provided for Muslims particularly in the west. The waste of the animals and skins will be used to produce shoes and bags etc. The revenue will be used for charitable and social purposes all over the world. Also, Indonesia has joined the path of implementing Sukuk-waqf to develop social property assets to be commercially self-sustaining. Addition to these examples, has launched an initiative to develop and finance existing Waqf properties through Sukuk issuance. The issuance conducted by the MUIS (Majlis Ugama Islam Singapura) has raised a total of USD60 million which is significant looking at the nature of the operation. Hence, the success of this operation has led the MUIS to further extend its willingness to issue more sukuk in order to develop the existing Waqf properties in Singapore. It is clear that this project with its worldwide dimension would provide an astonishing framework for Muslim countries to lunch the experience of Sukuk-waqf and merge it within their financing planning. CONCLUSION Islamic Moral Economy has provided the Umma with the adequate tools to maintain its prosperity and social development. Waqf represents the perfect illustration for this system. It played a tremendous role throughout the History of Muslim civilization. Now, it is the time that waqf should go through an innovative process in order for it to maintain its viable role within Muslim societies. Hence, sukuk- EJIF – European Journal of Islamic Finance No 9, April (2018) http://www.ojs.unito.it/index.php/EJIF ISSN 2421-2172 7 waqf seems to be the suitable instrument that could enhance the role of waqf and make it a common and familiar tool for Muslims who seek Divine blessing and Mercy. As most of states struggle to match deficit limit, it becomes difficult to provide enough financing for the growing socioeconomic needs pressured by an exponential demographic decrease. Hence, sukuk- waqf seems to be the suitable remedy for public authorities to match their budget goal along with ensuring a constant prosperity for their citizens. Sukuk-waqf can be considered as the perfect tool to mobilize fund from Muslim communities through a regular and sustainable way. It combines the flexibility of sukuk and the sustainability of waqf. We believe that waqf could be the adequate answer for the socioeconomic problems that imped development in most Muslim countries. However, this concept would find a way to success without the engagement of both public authorities and Muslim individuals, which are aware of the current challenges that face the Umma. REFERENCES [1] Ali, Md Yussof & Khanom, F (2014). Understanding Cash Waqf: It’s Role Toward Alleviating Poverty In Contemporary Context. Universiti Sains Islam Malaysia. [2] Çizakça, M. (1998). Awqaf in History and its Implications for Modern Islamic Economies. Islamic Economic Studies, Vol. 6, No. 1. [3] Dahlan, N. K., Yaa’kub, N. I., Hamid, M. A., & Palil, M. R. (2014). Waqf ( Endowment ) Practice in Malaysian Society. International Journal of Islamic Thought, Vol. 5, No. 6; pp 56–61. [4] Jalil, Yahya, & Pitchay. (2016). The Contemporary Model of Waqf Structure. In The International Conference on Islamic Leadership and Management 2016. [5] Kahf, M. (1998). Financing the development of awqaf property. In Seminar on Development of Awqaf, IRTI, pp 2–4. [6] Kahf, M. (2015). Waqf: a quick overview monzer kahf. [7] Laum, B. (1914). Die stiftungen in der griechischen und ramischen Antika, quoted in Cizakca (1998). [8] M. Elkhatib. (2016). Waqf in Shariah, its Rules and Applicationsin Islamic Finance. INCEIF, (March), pp 0–12. [9] Mahamood, S. M. (2008). Waqf in Malaysia : Legal and Administrative Perspective. IIUMLJ, 191. [10] Man, & Abdulwaheed. (2011). New Dimension in the Mobilization of Waqf Funds. Kuwait Chapter of Arabian Journal of Business and Management Review, Vol. 1, No. 1; pp 155–175. [11] Mohammad, M. T. S. H., Iman, A. H. M., & Omar, I. (2005). An ideal fnancial mechanism for the development of the waqf properties in Malaysia. Johor: Pusat Pengurusan Penyelidikan, Universiti Teknologi Malaysia. Pusat Pengurusan Penyelidikan, Universiti Teknologi Malaysia. [12] Nurrachmi, R. (2012). The Implication of Cash Waqf in the Society. Al Infaq Islamic Economic Journal, Vol.2, No. 5; pp 150–155. [13] Mutlu, S. (2015). Late Ottoman Population and its Ethnic Distribution. Turkish Journal of Population Studies, Vol. 25, No.8; pp 3–38. [14] Oded Peri, "Waqf and Ottoman Welfare Policy, The Poor Kitchen of Hasseki Sultan in Eighteenth-Century Jerusalem." Journal of Economic and Social History of the Orient XXXV; pp 107-186. [15] Othman. M. Z. B. H. (1982). Islamic law with special reference to the institution of waqf. Kuala Lumpur: The Prime Minister’s Department. [16] Rahim Hassan (2014). Taskik Mashari’ Al- waqf Al-muntij. Global Islamic Economics Magazine,Vol. 23, No. 4; pp 2-6. [17] Ramli, H. (2014). Furas Tamwil Al-waqf Al- jaza’iri Bil-i’timad ala Sukuk Al-waqfiya. In Producst and Innovation by Financial Ingeenering Between Conventional Finance and Islamic Finance. [18] Rockwell, J. C. (1909). Private baustiftungan for die stadtgemeinde anf inschriften der kaiserceit im westen des romischen reiches, quoted in Cizakca (1998). [19] Sadeq, A.H.M. (2002), Waqf, Perpetual Charity and Poverty Alleviation, International Journal of Social Economics, Vol. 29 No. I/2; pp 135 – 151. [20] Saduman, S & Aysun, E (2009). the Socio- economic Role of Waqf System in the Muslim- Ottoman Cities: Formation and Evolution. Trakia Journal of Sciences, Vol. 7, No. 2; pp 272-275. EJIF – European Journal of Islamic Finance Editorial Team Editor in Chief Prof. Paolo Pietro Biancone, University of Turin, Italy Editorial Board Prof. Dian Masyita, University of Padjadjaran, Indonesia Prof. Abdulazeem Abozaid, Qatar Faculty of Islamic Studies – Qatar Prof. Ahmad Aref Almazari, King Saud University, Saudi Arabia Prof. Nidal A. Alsayyed, Inayah Islamic Finance Research Institute, USA Prof. Roberta Aluffi, University of Turin - Italy Prof. Ghassen Bouslama, NEOMA Business School - Campus de Reims, France Prof. Nazam Dzolkarnaini, Salford University, UK Prof. Kabir Hassan, University of New Orleans, USA Prof. Khaled Hussainey, University of Plymouth, UK Prof. Rifki Ismal, University of Indonesia Prof. Tariqullah Khan, Hamad bin Khalifa University, Qatar Prof. Ali Khorshid, ICMA Centre Reading University - UK Prof. Amir Kia, Utah Valley University, USA Prof. Laurent Marliere, Université Paris-Dauphine France Prof. Federica Miglietta, University of Bari - Italy Prof. Hakim Ben Othman, University of Tunis - Tunisia Prof. Mohamed Ramady, King Fahd University of Petroleum and Minerals, Saudi Arabia Prof. Mamunur Rashid, Nottingham University, Malaysia Prof. Younes Soualhi, International Islamic University Malaysia Prof. Laurent Weill, University of Strasbourg, France CITATIONS (29) REFERENCES (19) ... Sukuk-waqf comprises two Islamic financial instruments: sukuk and waqf (Dali, Zakaria, Salleh, Zainuddin, & Jalil, 2017). Sukuk waqf is described by Oubdi & Raghibi (2018) as an exchangeable certificate of equivalent monetary worth that reflects a fixed quantity of money (Al-mal al-mawquf). ... ... The structure of a sukuk waqf is identical to that of an ordinary sukuk. On the other hand, the shareholder in a sukuk waqf is not driven by any profits or returns (Oubdi & Raghibi, 2018). However, Musari (2019) differentiates amongst two forms of sukuk-waqf, i.e. waqf linked sukuk and sukuk linked waqf. ... ... of successful initiatives to renovate waqf assets using the sukuk waqf. According toMusari (2016), Sukuk-Waqf is an efficient tool for the sustainable financing of higher educational institutions. As perReuters (2018), the Indonesian government has raised $1.64 million thru Sukuk-waqf to develop public infrastructure and disaster-affected regions.Oubdi and Raghibi (2018) consider Sukuk-waqf a solution to public finance deficits and suggest it for the advancement of public infrastructure in Muslim nations.Dali et al., (2017) cited that as per Rifki Ismail (assistant director of Shariah Finance and Economic Department at Bank Indonesia), customarily waqf has been utilized for societal considerations. Howe ... An Innovative Sukuk-Waqf for Islamic Microfinance Institutions: Integrating Maqasid Al-Shariah, SDGs and Waqf Article Full-text available * Feb 2022 * Abdul Hai * Salina Kassim * Mohammed Meeran Jasir Mohtesham Microfinance institutions (MFIs) have been widely recognized to promote financial inclusion and contribute towards poverty eradication by facilitating the access to financial products and services to the under-privileged and unbankable segment of society. Nevertheless, numerous studies have shown that many MFIs face the issue of economic viability and financial sustainability due to the lack of fund mobilization. By considering the success of conventional MFIs, several countries have introduced Islamic MFIs by adopting the Islamic modes of financing on the asset side of the conventional MFIs model. However, they face the same problems as their conventional counterparts on their liability side. The present study aims to introduce a Sukuk-waqf model as a source of funds for the Islamic MFIs through as cash waqf. In achieving this objective, the study adopts a qualitative research approach and proposes a Sukuk-waqf model for the development of Islamic MFIs. The combination of cash Waqf with Sukuk for raising funds for the Islamic MFIs is expected to contribute to the economic sustainability and viability of the institutions. In modelling the Sukuk-waqf model, the study attempts to integrate SDGs, Waqf, and Maqasid al-shariah, which emphasis on the poverty eradication, social justice, and economic welfare through the notion of Hifze deen (preservation of faith), hifze maal (preservation of wealth) and by providing access to the poor for productive resources such as education, training, and credit. The results from this study are expected to provide important inputs for the sustainable development of Islamic MFIs and assist the MFIs to contribute towards achieving the SDGs and ultimately, the Maqasid al-shariah. View Show abstract ... This is due to changes in personal finances from one period to another (Ahmed and Salleh, 2016). Oubdi et al (2018) stated that sukuk endowments can be considered as a perfect tool for mobilizing funds from the Muslim community through regular and sustainable means. It combines sukuk flexibility and waqf sustainability. ... ... The rapid development of the CWLS waqf is attractive for the mobilization of even greater funds for the benefit of the Ummah. This is supported by (Oubdi et al, 2018) who stated that sukuk endowments are a means of mobilizing Muslim funds through regular and sustainable ways that combined sukuk flexibility and sustainability of endowments. ... The implementation of waqf planning and development through Islamic financial institutions in Indonesia Article Full-text available * Jul 2022 * Sugianto Anfa * Andri Soemitra * Muhammad Yafiz * Reza Nurul Ichsan There is assumption in the community that waqf are physically permanent, and handed over directly to Nazir, even though there are also cash waqf through Islamic financial institutions (IFI). The present research was conducted using a qualitative approach This study aims to analyze the implementation of waqf planning by waqif, waqf development by waqf bodies and the structuring of IFI products in Indonesia related to waqf. This study used a qualitative descriptive method using an online questionnaire to waqif and in-depth interviews with waqf institutions and IFI, then analyzed descriptively qualitatively. The results showed that the development of endowments through Islamic financial institutions are carried out by two methods; namely, the development of endowments initiated by LKS and are offered to Waqf Board, and the development of waqf was initiated and offered to LKS by the Waqf Board and the structure of the waqf products consists of two models. One model is not directly made specifically for waqf products, but is linked to the needs of Nazir who have collaborated, and the other one is that LKS products are specifically structured for endowments devoted to mobilizing endowments that are either self-structured by LKS or upon the request by Nazhir. View Show abstract ... Sukuk and waqf are considered suitable instruments for mobilizing the treasures of the Muslim community on a regular and sustainable basis. The relationship between the two can combine Sukuk flexibility and waqf sustainability (Oubdi & Raghibi, 2018). ... Optimizing the Role of Cash Waqf Linked Sukuk for State Development Article Full-text available * Jun 2022 * Gusti Oka Widana The Indonesian government has issued retail and non-retail Cash Waqf Linked Sukuk (CWLS). However, the cash waqf collected has not been optimal. This shows that public interests in retail CWLS are still low. Therefore, this study discusses possible ways to increase public interest in retail CWLS and optimize it for state development. Data is obtained from a literature review, interviews, and Focused-Group Discussion (FGD) with informants from the Indonesian Waqf Board (BWI), the Ministry of Finance, and academics. The results show stakeholders can promote CWLS through a social marketing approach. This is in line with the purpose of CWLS products, which is for social programs (non-profit oriented) carried out by the government and voluntary organizations. Furthermore, the design thinking method can be used to optimize the role of CWLS in state developments. Design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. In this context, public literacy issues should be addressed, and the social programs financed should be formulated. View Show abstract ... Meanwhile, Oubdi & Raghibi (2018) stated that the Sukuk instrument in collaboration with waqf is said to be the right tool to mobilize funds from the community on a regular and sustainable basis, combining the flexibility of the Sukuk and the sustainability of the waqf. This instrument can be a continuation of support for the state in providing decent socio-economic services to its citizens. ... Problems and Solutions for The Development of Sustainable Cash Waqf Linked Sukuk (CWLS) Article Full-text available * Aug 2022 * Rana Catleya Ega Afifah * Muhammad Iqbal The purpose of the research is to identify the problems that exist in the implementation of the Cash Waqf Linked Sukuk (CWLS) program as well as alternative solutions for sustainable development. This study uses a qualitative approach with the Analytic Network Process (ANP) method through literature studies, in-depth interviews, and giving questionnaires to regulators, practitioners, and academics related to the CWLS program. Based on the results from several sources, it was found that the problems arising from the CWLS program were grouped into three important aspects: collection, management, and reporting. The main problems that are of concern to the aspect of the gathering are institutional capacity, community knowledge, and community literacy and education. In the management aspect, the main problem lies in the knowledge of Nazhir and the capacity of professional Nazhir human resources. While the reporting aspect is the use of information technology which is the main problem. The research results obtained five solutions for developing CWLS to run sustainably. Of the five strategies offered between one another, none is more dominant. Therefore, the five strategies need to be implemented simultaneously to achieve a sustainable CWLS program. View Show abstract ... Sukuk and waqf are considered suitable instruments for mobilizing the treasures of the Muslim community on a regular and sustainable basis. The relationship between the two can combine Sukuk flexibility and waqf sustainability (Oubdi & Raghibi, 2018). ... Optimizing the Role of Cash Waqf Linked Sukuk for State Development Article * Jun 2022 * Aulia Eka Anindhita * IGN Oka Widana The Indonesian government has issued retail and non-retail Cash Waqf Linked Sukuk (CWLS). However, the cash waqf collected has not been optimal. This shows that public interests in retail CWLS are still low. Therefore, this study discusses possible ways to increase public interest in retail CWLS and optimize it for state development. Data is obtained from a literature review, interviews, and Focused-Group Discussion (FGD) with informants from the Indonesian Waqf Board (BWI), the Ministry of Finance, and academics. The results show stakeholders can promote CWLS through a social marketing approach. This is in line with the purpose of CWLS products, which is for social programs (non-profit oriented) carried out by the government and voluntary organizations. Furthermore, the design thinking method can be used to optimize the role of CWLS in state developments. Design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. In this context, public literacy issues should be addressed, and the social programs financed should be formulated. AbstrakPemerintah menerbitkan CWLS non-ritel dan CWLS retail, namun jumlah wakaf uang yang terkumpul belum maksimal. Ini menunjukkan rendahnya animo masyarakat terhadap produk CWLS ritel. Penelitian ini membahas care meningkatkan minat masyarakat pada produk CWLS ritel dan mengoptimalkan pemanfaatan CWLS dalam pembangunan. Data penelitian ini berasal dari kajian literatur, wawancara, dan Focus Group Discussion, dengan informant dari Badan Wakaf Indonesia (BWI), Kementerian Keuangan, dan akademisi. Hasil penelitian menunjukkan bahwa stakeholder dapat memasarkan produk melalui pengembangan teori pemasaran sosial karena tujuan dari produk CWLS adalah untuk program sosial masyarakat dan dilakukan oleh pemerintah bersama organisasi sektor sukarela. Selanjutnya, untuk mengoptimalkan peran CWLS pada pembangunan negara dapat menggunakan metode design thinking. Design thinking adalah proses logis, sistematis, dan kreatif yang dilakukan seseorang untuk bereksperimen, menghasilkan ide dan model prototipe, serta mengumpulkan umpan balik. Para Stakeholder harus menyelesaikan masalah literasi masyarakat dan pemilihan program sosial yang akan dibiayai terlebih dahulu. View Show abstract ... Waqf funds are also an Islamic philanthropic instrument that can be used for productive needs such as providing capital to investment (Anindhita, 2021). According to Oubdi and Raghibi (2018), Sukuk and waqf are two appropriate instruments to mobilize funds from the Muslim community on a regular and sustainable basis. ... Cash Waqf Linked Sukuk model for export micro, small, and medium enterprises financing affected by Covid-19 pandemic: Indonesian study Article Full-text available * Mar 2022 * Siswantoro Siswantoro The purpose of this research is to solve the problem of financing export-oriented MSMEs affected by the Covid-19 pandemic, by exploring and building Cash Waqf Linked Sukuk (CWLS) model. The research method used is qualitative. The data sources used are of the secondary type in the form of journal articles, books, reports from the government, national news websites, and other relevant sources that have previously been accessed and downloaded. The data analysis technique uses descriptive analysis, by analyzing the reference sources that have been collected and then integrated with the research argument. The results show that CWLS model has the potential to be an alternative source of new funding that is safe, easy, and risk-free for export-oriented MSMEs actors affected by the pandemic. Other findings show that the potential for cash waqf that can be explored in Indonesia reaches IDR. 13.9 trillion per year, so it has the opportunity to finance as many as 27,800 new export-oriented MSMEs. In addition, the value of the use of waqf funds is quite large, reaching IDR. 1.3 trillion with a two-year tenor. This value is sufficient to finance social development projects such as mosques or schools. View Show abstract நவீன வக்ஃப் நடைமுறைகளில் சுகூக் வக்ஃப் பற்றிய ஓர் சட்டவியல் நோக்கு (AN ISLAMIC LAW PERSPECTIVE ON THE SUKUK WAQF IN MODERN WAQF PRACTICES) Conference Paper Full-text available * Sep 2022 * A J M Aslam * M R J Suhaima * Fathima Sharmina * Iqbal Saujan The practice of Waqf is seen as an important economic factor that plays a role in the progress of society. In the modern world, there have been many new changes in its practice. In that way, this research has been carried out with the aim of considering the Islamic practice related to Sukuk Waqf which can be seen as one of the modern types of Waqf. This qualitative study is based on a review of previous literature. In that way, the data for this analysis was directly obtained from sources of Islamic jurisprudence such as Al-Qur'an and Sunnah. In addition to these, secondary data were obtained from Islamic history books, previous studies, internet articles, magazines etc. Information related to waqf and sukuk waqf obtained through secondary data has been collected and analyzed in a synthesis method and the results have been presented. According to them, when called Sukuk it stands for proof of ownership. It can be observed that its implementation is being used more and more in Muslim countries globally. Also, in this study, several sections of Sukuk Waqf have been discussed and results have been presented. This study can be support for the studies that can be carried out in relation to Islamic economics and Waqf View Show abstract AN ANALISIS OF SUKUK AS A SIGNIFICANT FINANCIAL INSTRUMENT FOR THE MANAGEMENT OF WAQF FUNDS IN MALAYSIA Article Full-text available * Jun 2022 * Norhayati Abdullah * Masri Azrul Nayan * Yusuf Haji-Othman * Mohammadtahir Cheumar Since it originated in the early 1990s, Sukuk has been one of the most significant financial engineering innovations in the Islamic capital market. As an equivalent to conventional bonds, Customary Sukuk provides the opportunity to mobilize long-term Shariah-compliant funds in line with Shari'ah requirements. Financial experts in the Islamic capital market have developed various Shariah-compliant Sukuk structures, among which Sukuk structures are based on Waqf. Various efforts need to be made to regenerate the economic sector, especially using Islamic capital market platforms. This study focuses on the concepts of Waqf-Sukuk that have been and can be used to reconstruct the economy. This study employs library research with reference to previous studies done in the form of theses, journals, books, reports, etc. The combination of Sukuk and Waqf can provide a powerful platform in developing the economy through managing the Waqf fund in Malaysia. View Show abstract A PROPOSED MODEL FOR MOSQUE-BASED ISLAMIC FINANCIAL COOPERATIVES IN ASSISTING SME ENTREPRENEURS POST COVID19 PANDEMIC Article * Jun 2022 * Mohammadtahir Cheumar * Yusuf Haji-Othman * Norhayati Abdullah * Sulaiman Dorloh This qualitative analysis aims to propose a model for mosque-based Islamic financial cooperatives in assisting SME-entrepreneurs post COVID19 pandemic. The analysis will use primary knowledge collected through mosque financial statement on white boards. The information was then analyzed victimization thematic analysis. The findings recommend that the primary basic step that must be enforced is ever-changing the attitude of the society through basic Islamic economic education in mosque lectures and alternative communication channels or media since usually the Islamic economic ideas aren't well-known. This can cause a better awareness and stronger support towards Islamic economic movement. Supported this trust, the economic potential of mosques is sceptered through the institution of Islamic cooperatives. To permit the implementation of the idea, it will recommend that mosques caretakers to organize lectures with topics specializing in basic Islamic economic or Islamic cooperatives as a foundation to extend the attention of the community. View Show abstract Model of Sukuk Waqf with Wasiyyah Contract as a Cash Waqf Fundraising Strategy Article Full-text available * Apr 2022 * Muhammad Nurul Alim * Djaka Suryadi * Farhan Kamiluloh This study aims to propose a model of sukuk-wasiyyah. Since waqf fundraising is one of the activities of waqf management, this model applies wasiyyah or the will of waqif to sukuk. Wasiyyah will restrict the use of the fund by the will of Musi while sukuk is one of the Islamic capital market instruments. Like cash waqf, the fund of sukuk-wasiyyah will be managed by nazhir and its profit can be spent on Islamic philanthropy. This study applies exploratory research. The result of the study shows that (1) Musi or the bequeath testator still can gain the sukuk return during his life, (2) After Musi died, the sukuk is transferred under custody by Nazir. The author argues that the proposed product applies to Waqf Institution. This study is the first to introduce the terms of sukuk-wasiyyah and to propose the mechanism of sukuk-wasiyyah in the Islamic capital market View Show abstract Show more Waqf (Endowment) Practice in Malaysia Society Article Full-text available * Jun 2014 * Nur Khalidah Dahlan * Noor Inayah Yaa’kub * Mohamad Abdul Hamid * Mohd Rizal Palil View The Contemporary Model of Waqf Structure Conference Paper Full-text available * Aug 2016 * Mohamad Isa Abd Jalil * Sofri Yahya * Anwar Allah Pitchay The rapid expansion of the Islamic finance industry entailed an analogous growth of Waqf industry. The Waqf industry has grown at a fast pace by diversifying into cash Waqf, share Waqf, wakalah Waqf, cooperative Waqf, and even hybrid Waqf. Given its immense contributions to the Muslim Ummah, there is the need for sustained waqf practice in the world, particularly in Muslim countries. Besides, the benefits derived from Waqf are also enjoyed by the non-Muslim community. Therefore, the proper understanding of the Waqf system is vital to attaining the sustainability of Waqf. However, there remains no all-inclusive, and contemporary model of Waqf structure in literature. Thus, the aim of this study is to conceptualize and elucidate a comprehensive model of Waqf structure, taking into account the pillars of Waqf and the role of Mutawalli (trustee). This study used the reports and deductions from previous related studies as main sources. Based on the repertoire of information compiled and concisely analyzed, this paper suggested plausible recommendations for the sustained growth of the Waqf industry. View Show abstract Waqf, its Rules and Applications in Islamic Finance Article Full-text available * Mar 2016 * Mazen Elkhatib The prevalence of Western business practices and institutions and the strong influence they currently play in our daily existence has left many of us unaware of the wealth of tools in the Islamic finance tool box. Our history is rich with illustrious mechanisms and institutions that have served countless generations across the Muslim world to achieve financial success in this life and plan for the ultimate prize in the next. This paper will attempt to shed light on the fascinating and versatile vehicle of waqf. This paper will not tackle the issue of the objection of some jurists to the implementation of waqf. View Show abstract An ideal financial mechanism for the development of Waqf properties in Malaysia Article Full-text available * Aug 2005 * Mohammad Tahir Sabit Haji Mohammad * Abdul Iman * Ismail Omar View LATE OTTOMAN POPULATION AND ITS ETHNIC DISTRIBUTION Article Full-text available * Servet Mutlu The size and ethnic and spatial distribution of the Ottoman population during the last decades of the Empire has been a contentious issue, chiefly for political reasons. The Ottomans produced figures based on censuses and their updates while the protagonists of various political causes advanced their own numbers which at times differed considerably from the official ones. These conflicting numbers pose a problem for the students of Ottoman demography. The crux to the solution of the problem is the establishment of the degree of accuracy and of reliability of the Ottoman censuses and updated population registers. This is the main objective of the present study. The paper first discusses the Ottoman census methods and procedures as they had a bearing on the census counts. The system incorporated incentives for individuals, especially adult males, to register and the census committees responsible for the counts had an ethnic structure such as to prevent politically motivated constructions. However, partially for cultural reasons, women and children were undercounted. These deficiencies are amenable to correction. Two methods were devised; one for İstanbul and one for the rest of the vilayets, to correct for undercounts using Model Life Tables. Two estimates were made for each census count by principal ethnic group and administrative unit: a lower and an upper bound estimate. It is found that when corrected for undercounts of women and children, Ottoman censuses are reasonably reliable documents. View Show abstract The Implication of Cash Waqf in the Society Article Full-text available * Sep 2012 * Rininta Nurrachmi View THE SOCIO-ECONOMIC ROLE OF WAQF SYSTEM IN THE MUSLIM- OTTOMAN CITIES' FORMATION AND EVOLUTION Article * Sazak Saduman * Eyuboglu Ersen Aysun Waqf is a religious endowment, a property giving revenues, as regulated by Islamic law. It was vital to the religious parts of the society before the establishment of modern states in the Muslim world. In Ottoman Empire, the waqf system together with the imaret and another religious institutions have important role in social and economical development of the Muslim Ottoman Cities. In this paper not only the religious and official face of waqf system but also the face of administration of local government of the settlements policies and their reflections on the cities in Turkey will be investigated. View Show abstract Waqf and Ottoman Welfare Policy. The Poor Kitchen of Hasseki Sultan in Eighteenth-Century Jerusalem Article * Jan 1992 * Oded Peri View Waqf, perpetual charity and poverty alleviation Article * Jan 2002 * Int J Soc Econ * AbulHasan M. Sadeq This paper discusses the potential role of the institution of waqf in poverty alleviation, particularly in the developing world. It attempts to define a new approach to poverty analysis and suggests a way to make the role of waqf more effective in the poverty alleviation and socio-economic development of a resource-poor country. View Show abstract Financing the Development of Awqaf Property Article * Jan 1999 * Monzer Kahf This article identifies the various ways in which Islamic endowments helped provide essential services for public welfare during the heyday of Islamic civilization. Four goals are essentially accomplished. One, the importance of endowments in an Islamic society is identified. Two, the various fonns of funding that have been used in the past for estab lishing Islamic endowments are explored. Three, the ways in which Islamic endowments can be expanded and new funds raised are examined. Finally, the author proposes ways by which public sources can be used to create new sources of funding for awqaf properties. He hopes that these new means can play a major role in developing contemporary Muslim societies. View Show abstract Show more RECOMMENDATIONS Discover more Article BREAKING GROUND: THE PHOENIX MOSQUE AND INSTITUTE PROJECT AS A TEMPLATE FOR MOSQUE TRANSFORMATION AN... January 2016 * Mahasin D. Shamsid-Deen Breaking Ground: The Phoenix Mosque and Institute Project as a Template for Mosque Transformation and Development in America Mahasin D. Shamsid-Deen, B.S., MPA Abstract This paper explores the development of mosques, or masajid in plural, in America after Imam W.D. Mohammed assumed leadership of the then Nation of Islam and named it the World Community of Al-Islam in the West (WCIW). The ... [Show full abstract] societal, institutional and cultural challenges facing the distinct communities of Muslim in America historically stymied mosque development for years before the introduction of a new stabilizing force that produced massive growth of the physical institution of a mosque or masjid. This stabilizing force was a nationwide organization. An examination of The Phoenix Mosque and Institute Project, that produced Masjid Jauharatul Islam in Phoenix and Tempe Cultural Center in Tempe, was an initiative directly related to Imam W.D. Mohammed, in particular, reflects the experiences in funding, ownership and actual architecture of mosque building nationwide. Full Text: PDF DOI: 10.15640/jisc.v4n2a2 Read more Article IMPLEMENTASI KEBIJAKAN FISKAL: PEMBIAYAAN PROGRAM PEMBANGUNAN BERBASIS RUKUN TETANGGA (PBRT) DI KABU... September 2011 · Journal of Indonesian Applied Economics * Rudi Masniadi * David Kaluge Fiscal policy is one form of economic policies pursued in the context of macroeco-nomic stabilization, promote growth, equity, and sustainability menjega budget. WestSumbawa regency is one of regencies in NTB province has embarked on one of fiscalpolicy implementation is in the financing of Neighborhood-Based Development pro-gram (PBRT). PBRT program is a strategy of development by putting the ... [Show full abstract] region atthe lowest level of development of the neighborhood (RT). This policy is the empow-erment of RT with the understanding that the RT is not the lowest governmentalstructures and nongovernmental organizations that are able to understand all the com-plaints and needs of their citizens. RT becomes a very important institution in whichis located all the pecking order and also serves as a populist economic base which isthen defined as the Regulation (Regulation No. 27 Year 2008 regarding PBRT). Thispaper reviewed the implementation of the program PBRT is related to how big thebudget from the budget for financing. Furthermore, by using Regulatory Impact Analysiswill be analyzed whether the policy PBRT program will bring net benefits to societyand increase welfare in West Sumbawa regency. Keywords: fiscal policy, financing PBRT, regulatory impact analysis Read more Article ORGANIC ‘FOLKLORIC’ COMMUNITY DRIVEN PLACE-MAKING AND TOURISM August 2017 · Tourism Management * Trevor Sofield * Jaume Guia * Jan Specht The term 'place-making' describes a multi-faceted approach to the planning, design and management of public places for improving urban environments and residents' quality of life. Place-making has since become an institutionalized industry often supported by multi-million dollar budgets, but rarely are communities in control. The emphasis on improved welfare outcomes for communities has ... [Show full abstract] frequently omitted tourism benefits as an objective, although the tourism industry is often quick to exploit public space developments. Even though there is an emergent literature on place-making and tourism that has started to analyze this phenomenon, there is still little understanding of the role of place-making in tourism when place-making is the result of a community-led organic process. Five cases of place-making through emic, organic, folkloric, community-driven initiatives that differ markedly from the formal 'industry' of place-making that have achieved tourism-related outcomes even where tourism was not a primary motivation, are explored. Read more Article Full-text available PERAN LEMBAGAKEUANGAN PUBLIK ISLAM DALAM PEMBERDAYAAN EKONOMI MASYARAKAT August 2008 * Rahmani Timorita Yulianti The article discusses about the role of public Moslem finance institution viewed in the context of economic public endeavor. This problem emerges in public because the public Moslem finance institution in Indonesia does not take in part proportionally yet to mate public prosperity in Indonesia whereas the research of the language and literature Center in UIN by Syarif Hidayat¬ullah and Ford ... [Show full abstract] Foundation results that the potention of funds (Zakat, Infak, Shodaqoh) and donation of Moslems in Indonesia (amount Rp 19.3 billions) managed by the public Moslem finance institution can be used for people prosperity. Besides, it is supported with the big number of Moslems in Indonesia. Therefore, there are two important things to be focused on this article. First, why can't the fund in public Moslem finance institution, like ZIS and donation, in Indonesia be more efficient in a maximum way to realize the prosperity? Then, how to develop the public finance institution in Indonesia? Keywords: infak,sedekah, Indonesia, zakat View full-text Discover the world's research Join ResearchGate to find the people and research you need to help your work. Join for free ResearchGate iOS App Get it from the App Store now. Install Keep up with your stats and more Access scientific knowledge from anywhere or Discover by subject area * Recruit researchers * Join for free * Login Email Tip: Most researchers use their institutional email address as their ResearchGate login PasswordForgot password? Keep me logged in Log in or Continue with Google Welcome back! Please log in. Email · Hint Tip: Most researchers use their institutional email address as their ResearchGate login PasswordForgot password? Keep me logged in Log in or Continue with Google No account? Sign up Company About us News Careers Support Help Center Business solutions Advertising Recruiting © 2008-2023 ResearchGate GmbH. All rights reserved. * Terms * Privacy * Copyright * Imprint