Current Development of Waqf Properties in Selected Countries and Their Socioeconomic Roles

Magda Ismail Abdel Mohsin, Hisham Dafterdar, Murat Cizakca, Syed Othman Alhabshi, Shaikh Hamzah Abdul Razak, Seyed Kazem Sadr, Thamina Anwar and Mohammed Obaidullah
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Magda Ismail Abdel Mohsin: INCEIF – The Global University of Islami
Murat Cizakca: Ucuncu Nilufer Caddesi
Shaikh Hamzah Abdul Razak: INCEIF – The Global University of Islami
Seyed Kazem Sadr: INCEIF – The Global University of Islami
Mohammed Obaidullah: Islamic Research and Training Institute

Chapter Chapter 4 in Financing the Development of Old Waqf Properties, 2016, pp 37-220 from Palgrave Macmillan

Abstract: Abstract This chapter provides various data on the current law and administration of waqf in Turkey, Malaysia, Singapore, Sudan, Indonesia, Iran, New Zealand, Kuwait, India, Pakistan, and Bangladesh. It also shows the classical and innovative modes of financing the development of waqf properties. Ninety five cases are presented showing how using the 13 classical and innovative modes of finance managed to transform the idle and the unproductive waqf properties into income-generating properties while having impact on the socio economic development of these countries. Among these modes of finance are al-istibdal/substitutions, hikr/long leases, al-istisna‘a/construction financing, Musharakah Mutanaqisah/Diminishing Partnerships, Build-Operate-Transfers (BOTs), Build-Lease-Transfers (BLTs), Joint Ventures, Sukuk al-Musharakah/Partnership Bonds, Musharkah/Partnerships, Internal Funds/Self-Finance/Donations, Waqf Shares, Corporate Waqf and Sukuk al-Musharakah/Partnership Bonds. For the new Waqf Entrepreneurship mode as in the case of Turkey, we believe it is a new mode worth attention and further research.

Keywords: Venture Capital; Muslim Community; Islamic Bank; Muslim Population; Religious School (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1057/978-1-137-58128-0_4

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