Download or read book CORE PRINCIPLES FOR EFFECTIVE WAQF OPERATION AND SUPERVISION written by A Joint Initiative of BI, BWI & IRTI-IsDB and published by A Joint Initiative of BI, BWI & IRTI-IsDB. This book was released on 2019-07-29 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Core Principles for Effective Waqf Operation and Supervision written by and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Waqf in Islamic Economics and Finance written by Muhammad Ayub and published by Taylor & Francis. This book was released on 2024-11-19 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Waqf is emerging globally as a distinctive institution, serving as a vital bridge between societal and economic needs, and resource allocation. Waqfs functioning in some parts of the world, of a variety of assets such as cash, stocks, securities, intellectual property rights, and other financial instruments by individual, institutional, and corporate wāqifs, are paving the way for financial and social inclusion. This book explains how the system of awqāf leads to welfare in society by facilitating financial and social intermediation. It describes waqf in accessible terms, focusing on how it helps people, communities, and nations, and how it can help make societies equitable, peaceful, efficient, and more prosperous. It comprises eight key themes, including a brief overview of the historical role of waqf in various periods in Muslim societies in socioeconomic sectors; the evolutionary aspects of waqf as an institution; the role of waqf in promoting entrepreneurship; the role of awqāf system in an economy by facilitating financial and social intermediation; potential options for using waqf as financial intermediation; an overview of the management and regulation of waqf entities; the organizational and legal framework for the institution of waqf; and key findings and recommendations for realizing the capacity of waqf in the pursuit of socioeconomic welfare. Specifically, the book takes Pakistan as a case study. This research-oriented book is tailored to readers interested in understanding the fundamental concepts of Islamic finance and social welfare, without requiring a background in the discipline. It caters to academics, researchers, policymakers, and those keen on exploring the transformative potential of waqf to achieve societal welfare and shared economic growth.

Download or read book Proceedings of the 4th Borobudur International Symposium on Humanities and Social Science 2022 BIS HSS 2022 written by Zulfikar Bagus Pambuko and published by Springer Nature. This book was released on 2023-10-10 with total page 1655 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Asia Pacific Trusts Law Volume 1 written by Ying Khai Liew and published by Bloomsbury Publishing. This book was released on 2021-08-26 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Awqaf led Islamic Social Finance written by Mohd Ma'Sum Billah and published by Routledge. This book was released on 2020-09-14 with total page 991 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Regulation and Supervision of Islamic Banks written by Aledjandro Lopez Mejia and published by International Monetary Fund. This book was released on 2014-12-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Islamic Finance in Eurasia written by M. K. Hassan and published by Edward Elgar Publishing. This book was released on 2024-01-18 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Role of Zakah and Awqaf in Poverty Alleviation written by Habib Ahmed and published by . This book was released on 2004 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financing the Development of Old Waqf Properties written by Magda Ismail Abdel Mohsin and published by Springer. This book was released on 2016-10-21 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Waqf in Zayd Yemen written by Eirik Hovden and published by BRILL. This book was released on 2018-10-22 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Islamic Banking Regulation and Supervision written by Mr.In Song and published by International Monetary Fund. This book was released on 2014-12-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.

Download or read book The Nonprofit Sector in Eastern Europe Russia and Central Asia written by David Horton Smith and published by BRILL. This book was released on 2018-09-04 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nonprofit Sector in Eastern Europe, Russia, and Central Asia (EERCA), edited by David Horton Smith, Alisa V. Moldavanova, and Svitlana Krasynska, uniquely provides a research overview of the nonprofit sector and nonprofit organizations in eleven former Soviet republics, with each central chapter written by local experts. Such chapters, with our editorial introductions, present up-to-date versions of works previously published in EERCA native languages. With a Foreword by Susan Rose-Ackerman (Yale University), introductory and concluding chapters also explain the editors’ theoretical approach, setting the whole volume in several, relevant, larger intellectual contexts, and summarize briefly the gist of the book. The many post-Soviet countries show much variety in their current situation, ranging from democratic to totalitarian regimes.

Download or read book Land Law and Islam written by Hilary Lim and published by Zed Books Ltd.. This book was released on 2013-07-18 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this pioneering work Siraj Sait and Hilary Lim address Islamic property and land rights, drawing on a range of socio-historical, classical and contemporary resources. They address the significance of Islamic theories of property and Islamic land tenure regimes on the 'webs of tenure' prevalent in the Muslim societies. They consider the possibility of using Islamic legal and human rights systems for the development of inclusive, pro-poor approaches to land rights. They also focus on Muslim women's rights to property and inheritance systems. Engaging with institutions such as the Islamic endowment (waqf) and principles of Islamic microfinance, they test the workability of 'authentic' Islamic proposals. Located in human rights as well as Islamic debates, this study offers a well researched and constructive appraisal of property and land rights in the Muslim world.

Download or read book Fintech in Islamic Finance written by Umar A. Oseni and published by Routledge. This book was released on 2019-06-07 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers. With original chapters written by prominent academics, senior lawyers and practitioners in the global Islamic finance industry, this book serves as the first standalone pioneering reference work on fintech in Islamic finance. It also, for the first time, examines the position of Islamic law on cryptocurrencies, such as bitcoin. Besides the conceptual analysis of the Sharīʿah and legal aspects of fintech in Islamic finance, this book provides relevant case studies showing current and potential developments in the application of fintech in various sectors ranging from crowdfunding and smart contracts, to Online Dispute Resolution, Investment Account Platform and identity verification in the KYC process. Setting the agenda for researchers in the field, Fintech in Islamic Finance will be useful to students and scholars of Islamic finance and financial technology.

Download or read book Risk Analysis for Islamic Banks written by Hennie van Greuning and published by World Bank Publications. This book was released on 2008 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance is emerging as a rapidly growing part of the financial sector in the Islamic world and is not restricted to Islamic countries, but is spreading wherever there is a sizable Muslim community. According to some estimates, more than 250 financial institutions in over 45 countries practice some form of Islamic finance, and the industry has been growing at a rate of more than 15 percent annually for the past several years. The market's current annual turnover is estimated to be $70 billion, compared with a mere $5 billion in 1985, and is projected to hit the $100 billion mark by the turn of the century. Since the emergence of Islamic banks in the early 1970s, considerable research has been conducted, mainly focusing on the viability, design and operations of a deposit-accepting financial institution, which operates primarily on the basis of profit and loss partnerships rather than interest. This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. This approach emphasizes the accountability of key players in the corporate governance process in relation to the management of different dimensions of Islamic financial risk.

Download or read book Rulers Religion and Riches written by Jared Rubin and published by Cambridge University Press. This book was released on 2017-02-16 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to explain the political and religious factors leading to the economic reversal of fortunes between Europe and the Middle East.