Evolution in Waqf Jurisprudence and Islamic Financial Innovation

Abdullah, Mohammad

doi:10.21098/jimf.v4i1.920

Cited by 14 publications

(13 citation statements)

References 7 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…The subject matter of a Waqf may vary in form and scope. It can be a commercial building, residential house, agricultural land, cash and other non-consumable properties (Abdullah, 2018;Mohsin, 2009). According to the jurisprudential requirement, a Waqf in its original construct is perpetual 1 , irrevocable and inalienable.…”

Section: Nature Structure and Mechanism Of Waqfmentioning

confidence: 99%

See 1 more Smart Citation

Islamic endowment (Waqf) in India: Towards poverty reduction of Muslims in the country

Abdullah

2020

jrems

View full text Add to dashboard Cite

This paper aims to examine the potential role of Waqf (Islamic endowment or philanthropic institution) in poverty alleviation and socio-economic development of the Indian Muslim community. The paper attempts to critically analyze the structure, mechanism and legal framework of Waqf management in India followed by pinpointing the existing lacuna and insufficiency of the Waqf governance model and practices in the country. The paper finds that the institution of Waqf possesses a mammoth amount of financial and infrastructural resources in India, and the role of this institution can be critically important in reducing the poverty of, particularly, the Muslim community. Muslims in India are trapped in the incidence of poverty more than other communities except for Buddhists. In aggregate terms, one in every three Muslims lives below the poverty line in India. Proper utilization of Waqf institution can be critical in reducing the poverty of the Muslim community in the country. The paper is based on a qualitative research paradigm and it adopts a socio-legal research methodology for the analysis of the available literature. The paper concludes with some critical policy recommendations for enhancing the role of Waqf in reducing the poverty rate among Muslims in the country.

show abstract

Section: Nature Structure and Mechanism Of Waqfmentioning

confidence: 99%

“…Structural Mechanism of Waqf Source: Abdullah (2018) Diagram 2. Categories of Waqf Source:Abdullah (2018) …”

mentioning

confidence: 99%

Islamic endowment (Waqf) in India: Towards poverty reduction of Muslims in the country

Abdullah

2020

jrems

View full text Add to dashboard Cite

show abstract

“…Framework of classical waqf doctrines: literature review There are a few studies in the contemporary waqf literature that delve into the origins of waqf and its doctrines. Of special significance in this regard are works of Thomas (1949), Schacht (1953), Othman (1983), Gil (1998), Hennigan (2004), Ghanim (2009), Abbasi (2012), Oberauer (2013), Sabrina (2014), Suleiman (2016), Mazen (2017), Abdullah (2018b) and Abdullah (2019). Thomas (1949) attempts to touch upon the genesis of jurisprudential principles of waqf; however, his research seems restricted to a narrow discussion of the premises on which the jurisprudence of waqf lies rather than contemplating the process by which waqf principles developed.…”

Section: Introductionmentioning

confidence: 99%

“…Also, a significant portion of the available literature delineates the jurisprudential framework of waqf and its principles in a somewhat descriptive manner (Sabrina, 2014;Suleiman, 2016;Mazen, 2017;Abdullah, 2019). There is a considerable amount of contemporary literature which argues for innovation and further development of fiqh al-awq af (waqf principles) in order to contextualize the relevance of the institution (Kuran, 2001;White, 2006;Abdullah, 2018b;Abdullah, 2020). However, there is a noted dearth of literature, particularly in English, on how the framework of waqf jurisprudence evolved in its early phase, and what were the sources, mechanism, methods and tools of analogy that the early jurists applied in deriving the fundamental principles of waqf.…”

Section: Introductionmentioning

confidence: 99%

Classical waqf, juristic analogy and framework of awqāf doctrines

Abdullah

2020

IJIF

Self Cite

View full text Add to dashboard Cite

Purpose This paper aims to analyse the Sharīʿah premises of waqf (Islamic trust), followed by dilating on the nature of argumentation among the classical jurists on its rules and principles. The paper critically analyses the edifice of the applied juristic analogy of different early jurists in deriving various waqf doctrines. The objective of analysing the jurisprudential framework of waqf in its classical mould is to conceptualise the methods, mechanism and nature of juristic analogies in deriving the waqf principles. This analysis is critical to understand the scope of jurisprudential flexibility in modern awqaf. Design/methodology/approach The paper is an outcome of a library-based research. It uses the classical jurisprudential treatises of waqf with an aim to analyse the Sharīʿah basis of the institution, the premises of its key principles and the applied juristic analogy to derive the same. The paper covers the classical waqf books and treatises from the four Sunni schools of jurisprudence and uses a textual analysis method. Findings The paper finds that in its initial phase, the conceptual framework of waqf was not unanimously agreed by all jurists, rather its Sharīʿah permissibility remained critically disputed among them for a while. Though, the opinion of those jurists who approved the Sharīʿah-validity of waqf was to prevail in the later stage, disagreement persisted with reference to its necessary features and defining criteria. It is found that in the classical waqf literature, two most disputed aspects of waqf jurisprudence constituted the requirements for completion of a waqf and its ownership status. Research limitations/implications This study does neither cover the historical contribution of waqf among the Muslim societies nor does it touch on the empirical aspects of modern waqf. Rather, the focus of the study is limited to analysing the classical jurisprudential discourse of waqf and distillation process of its rulings. Practical implications The objective of analysing the classical juristic discourse of waqf is to underline the premises of classical juristic analogy in determining the framework of fiqh al-awqāf in its classical permutations and to learn how to adopt a similar approach for deduction of new waqf rulings. Originality/value This paper adds original value to the body of waqf literature for analysing the classical waqf rulings distillation process along with examining the methods and mechanism of juristic analogy.

show abstract

“…[1] defined the volatility as a statistical risk measure of the returns dispersion on a specific security (or market index), and it can be measured by using the standard deviation or variance of returns. A number of empirical studies in the financial literature have pointed to time-varying volatility and heavier tails in asset returns distribution and asymmetric relationship between returns and volatility.…”

Section: Introductionmentioning

confidence: 99%

Volatility modeling for IDR exchange rate through APARCH model with student-t distribution

Nugroho¹,

Susanto²

2017

AIP Conference Proceedings

View full text Add to dashboard Cite

Abstract. The aim of this study is to empirically investigate the performance of APARCH(1,1) volatility model with the Student-t error distribution on five foreign currency selling rates to Indonesian rupiah (IDR), including the Swiss franc (CHF), the Euro (EUR), the British pound (GBP), Japanese yen (JPY), and the US dollar (USD). Six years daily closing rates over the period of January 2010 to December 2016 for a total number of 1722 observations have analysed. The Bayesian inference using the efficient independence chain Metropolis-Hastings and adaptive random walk Metropolis methods in the Markov chain Monte Carlo (MCMC) scheme has been applied to estimate the parameters of model. According to the DIC criterion, this study has found that the APARCH(1,1) model under Student-t distribution is a better fit than the model under normal distribution for any observed rate return series. The 95% highest posterior density interval suggested the APARCH models to model the IDR/JPY and IDR/USD volatilities. In particular, the IDR/JPY and IDR/USD data, respectively, have significant negative and positive leverage effect in the rate returns. Meanwhile, the optimal power coefficient of volatility has been found to be statistically different from 2 in adopting all rate return series, save the IDR/EUR rate return series.

show abstract

Evolution in Waqf Jurisprudence and Islamic Financial Innovation

Cited by 14 publications

References 7 publications

Islamic endowment (Waqf) in India: Towards poverty reduction of Muslims in the country

Islamic endowment (Waqf) in India: Towards poverty reduction of Muslims in the country

Classical waqf, juristic analogy and framework of awqāf doctrines

Volatility modeling for IDR exchange rate through APARCH model with student-t distribution

Contact Info

Product

Resources

About