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Proposing a waqf based ijarah smart sukuk model for development of waqf properties

Hassan, Rusni and Patel, Ibadurrehman and Ghafoorzai, Ahmad and Shehbaz, Damkar Mohammed and Ali, Jawwad and UNSPECIFIED (2021) Proposing a waqf based ijarah smart sukuk model for development of waqf properties. In: The International Conference on Business and Technology (ICBT 2021), 6-7 November 2020, Istanbul, Turkey. (Unpublished)

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Abstract. This paper focuses on presenting a working model by combining the concepts of Waqf and smart Sukuk that works under the contract of Ijarah. Therefore, it can be referred to as a waqf based Ijarah Smart Sukuk model. In a study conducted by Che Zuina Ismail (2015), it is found that due to several rea-sons such as bureaucracy and lack of transparency in waqf administration, Waqf has lost much of its dynamism. Due to these reasons and several others, many waqf properties are either lying idle or in a dilapidated condition, which has led to Awqaf's effectiveness and role being questioned. There is a need to broadly ad-vertise the significant role played by Awqaf as an instrument of social welfare. Hence, this model is suggested for the development of waqf properties and to re-vive the role of Waqf in society's social well-being. By using the qualitative method, this paper also highlights the issues or challenges involved in the practi-cal application of the smart Sukuk or Ijarah contract, including possible Shari'ah issues. The paper's policy implication suggests that the states adopt this techno-logically advanced and Shari'ah compliant working model to target the develop-ment-related issues of waqf properties. This paper will also offer the existing and upcoming professionals in Islamic finance a broader perspective about smart Sukuk and hopefully encourages them to develop a favourable framework for smart Sukuk and other smart contracts, which is currently lacking.

Item Type: Conference or Workshop Item (Plenary Papers)
Uncontrolled Keywords: Smart Sukuk, Shari'ah, Challenges, advantages and disadvantages, Waqf, Ijarah
Subjects: 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: Prof Dr Rusni Hassan
Date Deposited: 15 Dec 2021 15:16
Last Modified: 15 Dec 2021 15:16
URI: http://irep.iium.edu.my/id/eprint/93560

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