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Application of iREITs in developing WAQF assets: alternative and mechanism

Ramlee, Roslily and Che Embi, Nor Azizan and Mohamed Sultan, Syed Alwi (2015) Application of iREITs in developing WAQF assets: alternative and mechanism. In: 2nd International Conference on Masjid, Zakat, and Waqf (i-MAF 2015), 1st-2nd Dec. 2015, Grand Blue Wave Hotel, Shah Alam, Selangor. (Unpublished)

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This paper attempts to explore the possibility of using Islamic real estate investment trusts (I-REITs) as one of the potential funding method for waqf assets development. This paper illustrates an alternative I-REITs model and mechanism to raise funding from capital market for Waqf assets development. This model is applicable to religious councils that have no existing property to back the issuance of I-REITs. The fund raising process is done through two phases. The first phase is the incubation stage whereby Mutawalli issues Cash Waqf certificates under Mudharabah or Wakalah structures to allow fund mobilization towards development/acquiring of the Waqf properties. The second phase is the disposal of Waqf properties to I-REITs through ijarah contract. The funds raised by the issuance of I-REITs is not only meant to fund the initial stage of waqf development but are also expected to generate continuous cash inflows to the State Islamic Religious council (SIRC).

Item Type: Conference or Workshop Item (UNSPECIFIED)
Additional Information: 4738/48795
Uncontrolled Keywords: I-REITs, Cash Waqf, ijarah contract, Waqf development
Subjects: H Social Sciences > HG Finance > HG4001 Financial management. Business finance. Corporation finance.
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Economics and Management Sciences > Department of Finance
Depositing User: Dr. Roslily Ramlee
Date Deposited: 15 Feb 2016 14:50
Last Modified: 21 May 2018 11:20
URI: http://irep.iium.edu.my/id/eprint/48795

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