An exploratory study on <i>Musharakah</i> SRI Sukuk for the development of <i>Waqf</i> properties/assets in Malaysia

Zain, Nor Syahirah; Sori, Zulkarnain Muhamad

doi:10.1108/qrfm-09-2018-0099

Cited by 32 publications

(26 citation statements)

References 7 publications

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“…Saudi Arabia Sukuk al intifa'a Source: Adapted fromZain and Sori (2017) MODELThe proposed model begins with the Waqf institution which could either be an Islamic charitable Foundation or a waqf board under the state that has landed property or undeveloped land under its control. The purpose of the Waqf linked sukuk is to redesign an obsolete building that happens to be located in a choicest area or to develop an undeveloped land.…”

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confidence: 99%

Sukuk: A Veritable Tool for Effective Waqf Fund Management in Nigeria

Umar

Aliyu

2019

IQTISHADIA

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Since its emergence in the early 2000's, Sukuk has been regarded as the most significant innovation recorded in the Islamic capital market. Sukuk is generally regarded as an equivalent of conventional bond, Sukuk paved way for mobilization of long term Shari'ah compliant funds for equally Shari'ah compliant undertakings. Islamic capital market experts have developed various Shari'ah compliant Sukuk structures, notable among which is Waqf-based Sukuk structure. Viewed as a distinct ethical capitalism and a veritable vehicle for long term financing, Waqf was found to record tremendous impact in all spares of human needs. The paper seeks to unveil how Waqf-based Sukuk could be used to attain effective mobilization as well as management of Waqf assets. It explores the possibility of issuing Waqf-based Sukuk for the development, renovation, reconstruction and modification of Waqf assets in Nigeria. The paper employs a non-experimental, deductive-analytical approach, in its investigation. Evidences show that Waqf-linked Sukuk has been successful in the development of Waqf assets in countries like Indonesia, Singapore and Saudi Arabia. Accordingly, the paper develops a Waqf-based Sukuk (ijarah) framework for fund mobilization for development of Waqf properties in Nigeria. We strongly recommend that both formal and non-formal Waqf institutions in Nigeria should utilize this outlet to effectively develop, deepen and manage their philanthropic activities.

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confidence: 99%

Sukuk: A Veritable Tool for Effective Waqf Fund Management in Nigeria

Umar

Aliyu

2019

IQTISHADIA

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“…As a recent innovation in Islamic finance, Sulaiman et al (2019) examined the viability of a unit trust waqf as an alternative asset class for waqf s. They argued that their conceptual models of unit trust waqf s are viable mechanisms to pool more cash- waqf s from individual investors. Zain and Muhamad Sori (2020) examined the cases of the first SRI sukuk issued in Malaysia and other waqf -related sukuk s that have been structured for the development of waqf property/assets in the past.…”

Section: Literature Reviewmentioning

confidence: 99%

The global cash waqf: a tool against poverty in Muslim countries

Saiti

Dembélé

Bulut

2021

QRFM

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Purpose The problem of poverty in the Muslim world has been posing multi-faceted challenges to the life of individuals and the relations of people. Although this problem has been gaining scholarly attention and raised in relation to various issues ranging from social injustice, rampant corruption, societal instability, wide social polarization and insurgent movements that affect the regional peace and stability at large, neither effective economic mechanism proposed nor implemented to address the problem effectively. In this regard, it is also important to appreciate the recent initiations in the field of Islamic economics to present an optional view to the existing and alien economic models in the Muslim world. Therefore, the purpose of this study is to fill up this research gap by proposing a model of mobilizing funds through the global cash-waqf institution. Design/methodology/approach The study adopts content analysis to construct this global cash waqf model for poverty alleviation in Muslim countries. Findings The “global cash-waqf model” was proposed as an alternative that could be implemented and used to overcome the poverty matter in Muslim countries. It is assumed that the model will facilitate the fund mobilization among Muslim countries, which in return is going to assure full distribution and redistribution of wealth to eradicate the poverty in the Muslim world. The model was structured with a global vision in both the collection side and the distribution side. Originality/value The model will facilitate the fund’s mobilization among Muslim countries, which in return achieves an Islamic goal of distribution and redistribution of wealth to assure the well-being of all humanities in the society.

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“…Concerning waqf research, it can be categorized into three different sub-areas as the research on fundamentals of waqf (Çizakça, 1995; Çizakça, 1998; Kuran, 2001; Kuran, 2005a, 2005b; Jahangir et al , 2020), research on cash waqf (Mandaville, 1979; Mohsin, 2013; Ahmad, 2015; Kahf and Mohomed, 2017; Özdemir and Özdemir, 2017; Bulut and Korkut, 2019) and research on various applications of waqf in Islamic social finance (Ahmad and Ab Rahman, 2011; Aziz et al , 2013; Shahimi et al , 2013; Htay et al , 2015; Mohd Thas Thaker et al , 2016; Moh’d et al , 2017; Kachkar, 2017; Hamber and Haneef, 2017; Loke Ke Wei and Mohd Thas Thaker, 2017; Zabri and Mohammed, 2018; Saiti et al , 2019; Sulaiman et al , 2019; Zain and Muhamad Sori, 2020; Laallam et al , 2020 and among others).…”

Section: Background Of Previous Studies Around Waqf and Originalitymentioning

confidence: 99%

“…As a breakthrough in Islamic finance, Sulaiman et al (2019) looked at the feasibility of unit trust waqf as an alternate asset class for waqfs . Zain and Muhamad Sori (2020) investigated the cases of the first SRI Sukuk released in Malaysia and other waqf -related sukuks that have been designed to produce waqf property/assets in the past. Saiti et al (2021) proposed a global cash waqf to tackle the poverty issues in Muslim countries.…”

Section: Background Of Previous Studies Around Waqf and Originalitymentioning

confidence: 99%

Mappingwaqfresearch: a thirty-year bibliometric analysis

Uluyol

Secinaro

Calandra

et al. 2021

JIABR

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Purpose Waqf played a powerful Islamic social finance instrument throughout Islamic history. However, the popularity of waqf declined in recent years. It is essential to understand the past research, the research gaps and the waqf’s ignorant research areas within the existing literature to enhance the waqf system. Therefore, this study aims to carry a detailed analysis of waqf research development with a careful evaluation of the scientific panorama’s different aspects inherent in Islamic business and social finance. Design/methodology/approach Scientometrics is a discipline that studies the quantitative characteristics and characteristics of science and technological research, technology and innovation. This research’s string includes waqf as a reference in the “Article title, Abstract and Keywords” based on Scopus from 1990 to 2020. The analysis was conducted in December 2020. The Bibliometrix R Package, VOSviewer and Excel’s software are used to analyse the collected data and apply the bibliometric analysis. Findings The findings derive that waqf research can be categorized into three sub-areas, such as the research on waqf fundamentals, analysis on cash waqf and research on various waqf applications in Islamic social finance. Even though there is some essential or fundamental research in waqf, these are not good enough for such a powerful Islamic social finance instrument. This study finds research gaps in the existing waqf literature and presents nine future research directions. Originality/value To the best of the authors’ knowledge, this paper is the first to examine waqf’s existing literature with bibliometric analysis. The results and the recommended possible research areas can help scholars and researchers to carry future research to enhance the scientific development of Islamic social finance and provide alternative instruments to eradicate poverty in societies.

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An exploratory study on Musharakah SRI Sukuk for the development of Waqf properties/assets in Malaysia

Cited by 32 publications

References 7 publications

Sukuk: A Veritable Tool for Effective Waqf Fund Management in Nigeria

Sukuk: A Veritable Tool for Effective Waqf Fund Management in Nigeria

The global cash waqf: a tool against poverty in Muslim countries

Mappingwaqfresearch: a thirty-year bibliometric analysis

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