An assessment of using sukuk for waqf property development in India

Jasir Mohtesham, Mohammed Meeran and Syed Azman, Syed Marwan Mujahid and Hai, Abdul and Shahid, Mohd (2021) An assessment of using sukuk for waqf property development in India. Journal of Islamic Finance, 10 (1 (Special Issue)). pp. 85-91. ISSN 2289-2109 E-ISSN 2289-2117

PDF (Article) Restricted to Repository staff only Download (550kB) | Request a copy

Abstract

The purpose of this study is to assess the viability of using Sukuk as a tool for financing the development of waqf properties in India. Using different reports, literature, and considering Indian Waqf Act, this study introduces Sukuk for waqf property development in India. Critical analysis of case studies of successfully employed waqf property development in Saudi Arabia and Singapore is also undertaken. From the various literature and reports, this paper finds that there is a huge economic potential for Indian waqf properties. However, due to several issues, one of them being a financial issue, waqf in Indian is unable to achieve its potential. Furthermore, the study also finds that there is a possibility to introduce Mudharabah Sukuk for this purpose. As Indian Waqf Act prohibits the sale, gift, or transfer of the waqf properties, Mudharabah can be the best suitable tool for financing the development of waqf properties. This study is conceptual in nature. Further studies can consider empirical research that considers factors such as awareness, knowledge, perception, and readiness to invest in Sukuk. The findings from this paper can be used to introduce Sukuk for waqf property development in India. The successful implementation will lead to the revitalisation of waqf properties in the country which will eventually result in the upliftment of Muslim society from social and educational backwardness and benefit them at-large. This paper also provides information about the potential of Indian waqf properties which very essential for the investors in Sukuk. This study is the first one to talk about the Sukuk for waqf property development in India.

Item Type:	Article (Journal)
Additional Information:	8628/90561
Uncontrolled Keywords:	Waqf properties, capital market, Sukuk, Waqf development, Indian Waqf Act.
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. Syed Marwan Mujahid Syed Azman
Date Deposited:	06 Jul 2021 07:32
Last Modified:	06 Jul 2021 07:32
URI:	http://irep.iium.edu.my/id/eprint/90561

Actions (login required)

View Item