Awqaf-led Islamic Social Finance: Innovative Solutions to Modern Applications

Emergence of Awqaf Development Centre: A Mind-Mapping IdeaCentral ideaRational outlookConcerned issues and problemsFlagshipsStrategic planConclusionNotesReferencesAwqaf-Led Neo-Endowment in Supporting Socio-Economic DevelopmentIntroductionLiterature reviewWhat is WaqfHow Waqf was usedTapping into the potential of WaqfThe modelCritical success factorsNo state interferenceTransparencyAccountabilityImportant considerationsThe caseThe Waqf proposalInterventions to be made with funds from management of WaqfBenefits of the Waqf project — direct and indirectRecommendationConclusionNotesReferencesObjectives of Awqaf within the Classical Discourse and Their Modern ImplicationsIntroductionThe origin and conceptual mechanism of waqfThe objectives of waqf in shariahContextualising the waqf and policy recommendationsConclusionNotesReferencesRole of Awqaf as an Economic DriverIntroductionHistorical overviewThe third economic sectorCustody and management of awqafCreating an enabling legal environmentThe business face of awqafSustainability and profitability of awqafAwqaf public and private sector partnershipsAwqaf support of SMEsAwqaf’s financial supportAwqaf’s non-financial supportMicrofinance by awqafPolicy implicationConclusionNotesReferencesThe Perception of Waqf as a Financial Institution – A Lesson from the French Literature on Ottoman EmpireIntroductionLiterature revue and epistemological postureData collection protocolContextualization and analysis of fundamental ideasStatute for self-governing administration of Islamic religious and Vakuf-tnearif activities in Bosnia-HerzegovinaEffect of the project for the establishment of an awqaf bank in Bosnia-Herzegovina in 1900 on the launched in Turkey in 1914ConclusionNotesReferencesContemporary Approach in Productive Awqaf DevelopmentAnalysisCash Waqf linked sukuk (CWLS)CWLS productsRisk management of CWLSTarget market of CWLSBeneficiaries of CWLSInnovation in Waqf blockchainWaqf blockchain as new innovationLiquidityTransparencyAwarenessBringing the blockchain into Islamic fintechWhat is the state of blockchain today?ReferencesUtilizing Awqaf in Modern Muslim Minority SocietiesAn overviewThe economic role of waqfWaqf and social-political developmentWaqf in non-Islamic societies and systemsContemporary awqaf in key non-Muslim countriesIndia, a non-Muslim country with one of the largest awqaf in the worldSingapore, a model for functioning awqaf in a non-Muslim countryLessons for Muslim minoritiesWaqf and UK regulationTowards reviving the practice of waqf, the model of the National Waqf Fund (NWF) in the UKAssets value: $32,892,664 Charitable income raised: $12,448,074 Properties in trust: 145NotesReferencesII Awqaf: Its Law and PoliciesGender Justice in the Law of AwqafIntroductionOwnership and genderRights of Muslim woman in the law of waqfShe may create a waqfPardanashin ladies may revoke the waqf they create — a special privilegeShe decides the objects of a waqf she createsShe may appoint mutawalli and lay down the administrative structure of the waqfPowers of a tnutawalli womanA few historical and contemporary evidence of women as dedicators, beneficiaries and administrators of awqafWoman as founder of waqfWomen as beneficiaries of awqafWoman as mntawalliConclusionNotesReferencesDeveloping A Waqf Market and Reconceptualising Awqaf Governance via RegtechIntroductionCurrent state of waqf and its potentials in relation to Islamic financeIdea of waqf marketWaqf market or social capital market?Financial technology (fintech) and waqf delivery: the case of blockchain technologyDisruption to existing regulatory regime: regtech to the rescueRegtech solution for waqf market governanceApplication of regtech in waqfRelevant tools for facilitating regtech in waqf governance regtechPossible concerns and issues in regtech for waqf governanceConclusionNotesReferencesIII Awqaf: Its Applications and ExperiencesPoverty Alleviation through Islamic Social Finance in Agro-Sectors – An Experience of Northern GhanaIntroductionEconomy of Ghana with focus of northern GhanaNorthern GhanaOverview of the agriculture sectorFinancing modes and challengesApplying Islamic social finance in agricultural financingIslamic social financeZakat (alms)Sadaqah (charity)Waqf (endowment)Leveraging Islamic social finance to attract impact investors into the agriculture sectorIslamic finance instruments for agriculture financing and risks managementMusharakah (partnership)Muzar’ah (partnership in crop)Wakalah (agency)Salam (sale by differed delivery)Risk management and investment protection in applying Islamic venture capital instrumentsConclusionNotesReferencesDeveloping Awqaf through Cash WaqfIntroductionGrowing role of cash waqfGovernance of the relationship with donorsOptimal waqf investmentDevelopment of waqf legislationConclusionNotesReferencesIslamic Social Finance Reform – Hibah a Catalyst for Awqaf AdvancementIntroductionHibah as an important instrument in waqf advancementDefinition of HibahHibah Al-Ruqba and Al-UmraTakaful HibahHibah Amanah Tabung HajiHibahAmanah THWasiyyah Shoppe BerhadThe concept of cash waqfObjectivesLiterature reviewTheory of Planned BehaviorDemographic profileHibah preparedness confidenceGoal clarityAttitude toward Hibah wealth distributionHibah literacy and knowledgeSources of Hibah as wealth distributionHibah as Fara’id denial?Research methodologyResearch findingsDemographic data analysisGender and ethnicMarital statusEducation backgroundEmploymentHibah literacy and knowledgeHibah as catalyst for cash waqfInvestment productsLegislation: waqf investment actConclusionRecommendationsResearch limitationNotesReferencesAppendix 12.1A: Wealth distribution channel findingsEdu-Waqf Model – an Analysis of Selected OIC Member CountriesIntroductionThe role of Waqf in educationEdu-Waqf modelsState Waqf-funded modelCash Waqf-funded modelCorporate Waqf-funded modelAlumni Waqf-funded modelEdu-Waqf models in selected OIC member countriesEdu-Waqf model in TurkeyEdu-Waqf model in MalaysiaEdu-Waqf model in IndonesiaChallenges and prospects of Edu-Waqf modelsChallenges of Edu-Waqf modelsLack of awarenessTrust deficitFinancial and administrative autonomyLack of regulatory frameworkManagement issuesQuality of human capitalAccounting and reportingLack of innovationProspects of the Edu-Waqf modelsStandardized regulatory frameworkSustainability of WaqffundsInnovationCollaboration and specializationManagementConclusionNoteReferencesSmart Waqf City for Education – an Experience In Darussalam Gontor, IndonesiaIntroductionDevelopment of the Darussalam Gontor Smart Waqf City for EducationAtiq Waqf MosqueGontor Darussalam boarding schoolsDarussalam Gontor UniversityEducational system in Darussalam Gontor Waqf CityEducational system in Darussalam Gontor boarding schoolsEducational system in Darussalam UniversityFinancial sustainability of Darussalam Gontor Waqf City for EducationTuition fees from the boarding schoolsIncome generated from the business unitsExpansion of Darussalam Gontor IVaqf City for EducationConclusionReferencesEmpirical Investigation on Awqaf and its Socio- Economic Impact in MalaysiaIntroductionLiterature reviewBackground of ivaqfWaqf management in MalaysiaSocio-economic impact disclosure for waqf institutionA case study in selected institutionBackground of Waqf Institution AGovernance practices of Waqf Institution AWaqf socio-economic impact disclosureConclusionNotesReferencesAwqaf – Its ASEAN Experiences and a Lesson to LearnIndonesiaMalaysiaStructure of Labuan International Waqf FoundationSingaporeConclusionNotesReferencesIntegrated Social and Productive Awqaf in IndonesiaIntroductionModel and structure of waqfSocial waqfProductive waqfIntegrated social and productive waqfIntegrated social and productive waqf in IndonesiaFirdaus Memorial ParkIntegrated healthy houseJogokariyan Islamic CenterKuttab Al-Fatih — Sinergi FoundationChallenges faced by NazirFundingSustainabilityHuman resourceTechnical experiencesReferencesWaqf-Led Social Finance in Poverty Alleviation – An Experience in Khyber Pakhtunkhwa, PakistanIntroductionNeed for Waqf-led social financeIslamic microfinance and waqfImpact of Waqf-led Islamic microfinance in poverty alleviationWaqf and its impact on economic and social development: a case of Peshawar, Khyber Pakhtunkhwa, PakistanConclusionRecommendationNotesReferencesYouth Empowerment and the Application of Cash Waqf – An Experience in Kano State, NigeriaIntroductionUnemployment rate in NigeriaImpediment to youth empowerment in KanoWaqf and good governanceEfficacy of cash waqfApplication of cash waqf in KanoSuggestions and recommendationsConclusionNotesReferences
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