Classical forms of investment of awqaf: a juristic analysis

Osmani, Noor Mohammad and Rahman, Md. Habibur (2015) Classical forms of investment of awqaf: a juristic analysis. In: 13th Asian Business Research Conference, 26 - 27 December 2015, Dhaka Bangladesh. (Unpublished)

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Abstract

There is no denying that throughout the ages awqaf (endowments) had a great contribution to make a comprehensive development of, not only Islamic, but also human civilization. Thus, taking an attempt to revitalize the role of awqaf is actually trying to bring back a gigantic voluntary institutional role to serve for the advancement of society and civilization. Hence, this paper intends to make a juristic study on utilizing awqaf funds through investment and financing, extending from the classical modes to the contemporary modes thereof. The paper will be qualitative in nature, in which analytical and descriptive methods would be followed. The analysis will be relying on respective classical and contemporary juristic views and discussion. The paper posits that, investment of awqaf properties is basically in two types, investment of the original awqaf assets and investment of the proceeds yield from the original awqaf assets. The investment modes which will be discussed in the paper along with respective juristic issues and discussion are, for example, hikr (long lease with large advance lump sum), lease with dual payment, kadik (tenant's improvements to rental property), mursad (construction for rent swap with a waqf), sharecropping, partnership, diminishing partnership, manufacturing arrangement, lease ended with ownership as well as investment in purchasing permissible financial papers and securities. Last but not least, the paper elucidates the issue of substitution and modification of awqaf properties as it carries more significance in terms of the economic aspects of awqaf.

Item Type:	Conference or Workshop Item (Slide Presentation)
Additional Information:	4471/47175
Subjects:	K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh > KBP490 Furūʻ al-fiqh. Substantive law. Branches of law.
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Qur’an and Sunnah
Depositing User:	Dr. Noor Mohammad Osmani
Date Deposited:	14 Jan 2016 13:57
Last Modified:	16 May 2016 07:36
URI:	http://irep.iium.edu.my/id/eprint/47175

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