This book presents successful case studies in Muslim and Muslim minority countries that have revolutionized the redevelopment of idle waqf properties into productive land trusts. The revival of this institution over the last two decades shows the growing optimism in galvanizing the socioeconomic role of waqf by adopting its flexible shariah measures. Innovative ways of financing redevelopment allow Muslims to extend these roles to include new beneficiaries. New uses for these properties include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the masses, providing health care, and sheltering the poor and needy. Countries under study include Sudan, Turkey, Malaysia, Indonesia, Singapore, New Zealand, Kuwait, Oman, Qatar, and Iran. Additionally, the book examines the International Development Bank's role in financing the development old waqf properties in different countries.
Magda Ismail Abdel Mohsin is Associate Professor of Islamic economics and finance at the International Centre for Education in Islamic Finance (INCEIF), Malaysia. She holds a doctorate in Islamic Civilization/Islamic Economics from the Institute of Islamic Thought and Civilization of the International Islamic University Malaysia.
Hisham Dafterdar, Awaqf New Zealand and Canadian Islamic Trust Foundation;Murat Cizakca, INCEIF, Malaysia / Luxembourg School of Finance, German;Syed Othman Alhabshi, INCEIF, Malaysia;Shaikh Hamzah Abdul Razak, INCEIF, Malaysia;Seyed Kazem Sadr, INCEIF, Malaysia;Thamina Anwar, University of KwaZulu-Natal, South Africa; Mohammed Obaidullah, Islamic Development Bank, Saudi Arabia
Special Message from KhazanahForeword by Daud Vicary Abdullah1. Legal Framework of the Institution of Waqf2. Development and Administration of the Instition of Waqf, Past and Present3. The Role of Waqf in Modern Economic Development4. Current Development of Waqf Properties in Selected Countries and their Socioeconomic Roles4.1. Turkey4.2. Malaysia4.3. Singapore4.4. Sudan4.5. Indonesia4.6. Iran4.7. New Zealand4.8. Kuwait4.9. India4.10. Pakistan4.11. Bangladesh5. Waqf Development: The Islamic Development Bank Experience6. Modus Operendi and the Structures of both Classical and Innovative Modes of Finance7. Conclusion