Cash Waqf: Historical Evolution, Nature and Role as an Alternative to Riba-Based Financing for the Grass Root
DOI:
https://doi.org/10.31436/jif.v4i1.70Abstract
It is a settled matter among the Muslim jurists that riba in its any form is prohibited. It is so due to the exploitation and injustice associated with riba-based loans. To overcome the resulting hardship of non-availability of easy loans, sustainable alternatives are provided under the Shariah to enhance mutual dealings and promote commercial transactions. This paper sets to explore the Islamic heritage of cash waqf as alternative to riba based financing, the nature and its potentials in assisting the grass root in the society. This is because entrepreneurship which could be one of the key solutions to the growing poverty in the world, availability of cash is a prerequisite to making its wide practice a possibility. It is undisputable that the poor are unbankable and so they are denied access to commercial loans. This research contends that cash waqf could serve as a solution to this problem, by investigating the historical evolution and identifying the challenges that could stand against its development through lessons from the past. The paper finds that cash waqf is capable of promoting entrepreneurship in the world with interest free loans from the cash waqf institutions, making the poor self reliant and dignified.Downloads
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References
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Imam Malik. (n.d). Al-mudawannah Al-Kubra. Beirut: Dar al-Kutub al-Ilmiyyah.
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Kahf, M. (n.d). Waqf: A Quick Overview.
Kilby, P. (1971). Entrepreneurship and economic development. Free Press.
Leikem, K. (2012). Microfinance: A Tool for Poverty Reduction? Senior Honors Projects.Paper 300. United States: University of Rhode Islands Digital Commons.
Mahamood, S. (2007b). Pembentukan Dana Wakaf Menurut Perspektif Syariah Undang Undang Serta Aplikasinya di Malaysia. Jurnal Syariah, 15(2) , 61-83.
Mahamood, S. M. (2007). Pembentukan dana wakaf menurut perspektif syariah dan undang-undang serta aplikasinya di Malaysia. Jurnal Syariah, 15(2), 61-83.
Mannan, M. (1999). Cash-waqf Certificate : Global Opportunities for Developing the Social Capital Market in 21st Voluntary-sector Banking. Third Harvard University Forum on Islamic Finance: Local Challenges, Global Opportunities (pp. 243-256). Cambridge, Massachusetts.: Center for Middle Eastern Studies, Harvard University.
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Muhammad, A.-Z. K.-D. (2002). Al-A’lam. Lebanon: Dar Al-Ilm Li Almalayeen.
Muslim. (n.d). Sahih Muslim. Beirut: Dar Ihyau Al-Turath Al-Arab.
Muslim. (n.d.). Sahih Muslim. Beirut.
OIC Fiqh Academy. (2014, 01 27). Fiqh Academy. Retrieved from Fiqh Academy: http://www.fiqhacademy.org.sa/qrarat/15-6.htm
Osman, A. F. (2012). Determinants Of Cash Waqf Giving In Malaysia: Survey Of Selected Works. Malaysia.
Osman, A. F., Htay, S. N., & Mohamed, M. O. (2012). Determinants of cash waqf giving in Malaysia: survey of selected works. Medan, Indonesia: Workshop Antarbangsa Pembangunan Berteraskan Islam V (WAPI-5), 10 Apr 2012, (Unpublished).
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Qutb Al-Arabi. (n.d.). Muassat Al-Mawhubun Wa Al- Ibtikar. Retrieved July 2, 2014, from Muassat Al-Mawhubun Wa Al- Ibtikar Web Site: http://mawhopon.net/ver_ar/news-4222.html
S.M, M. (2007). Pembentukan Dana Wakaf Menurut Perspektif Syariah Undang Undang Serta Aplikasinya di Malaysia. Jurnal Syariah, 61-83.
Sadeq, A. M. (2002). Waqf, perpetual charity and poverty alleviation. Emerald International Journal of Social Economics, 29 (1/2), 135 -151.
Sahih International.(n.d.).Quran.com . Retrieved July 2, 2014, from Quran.com Web site: http://quran.com/
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Sharaf, A.-N. Y. (n. d). Rawdhatu Al-Talibin, . Egypt: Al-Maktabat Al-Tawqifiyyah.
The Glorious Quran. (n.d). The Glorious Quran.
Toraman, C., & Tuncsiper, B. (1999). Cash Awqaf in the Ottomans as Philanthropic Foundations And Their Accounting Practices. Cambridge, Massachusetts: Center for Middle Eastern Studies, Harvard University.
Usmani et al, T. (2010). Accounting And Auditing Organisation For Islamic Financial Institution. Bahrain: AAOIFI.
Yaala, A. (2000). Ahkam Asultaniyyah. Beirut: Dar al-Kutub al-Ilmiyyah.
YWM. (2014, 07 05). SOALAN-SOALAN LAZIM BERKAITAN YWM DAN WAKAF. Retrieved from Yayasan Waqaf Malaysia : https://www.ywm.gov.my/faq
Abdul Karim, S. (n.d). Contemporary Waqf Administration And Development In Singapore: Challenges And Prospects. Singapore: Islamic Religious Council of Singapore (MUIS).
Al-Bukhari. (1422AH). Sahih Bukhari: Edited by Muhammad Zuhair Nasir Al-Nasir. Egypt: Dar Tawq Al-Najah.
al, F. B. (2014). The Role Of Cash Waqf In Poverty Alleviation: Case Of Malaysia. Kuala Lumpur International Business, Economics and Law Conference 4, (pp. 272-289). Kuala Lumpur.
Ali, A. M. (2012). Report And Recommendations of The IDB President on The First Five-Year Strategy (2008-2012) for The Islamic Solidarity Fund for Development (ISFD). Retrieved from Islamic Development Bank: http://isfd.isdb.org/EN/publications/Documents/Foundation%20Documents/First%20ISFD%20Strategy%20-%202008-2012.pdf
Ali, A. Y. (n.d). Translation of the Holy Quran.
al-Mawardi. (N.D). Al-Ahkam Asultaniyyah.
Al-Qurashi, A. Q. (n.d). Al-Jawahir Al-Mudhiyyah Fi Tabaqati Al-Hanafiyyah Quran . Karach: Mayr Muhammad Kutub Khanah.
Al-Qurtubi, A. A. (1964). Al-Jami’ Li Ahkam Al-Quran: edited by Ahmad Al-barduni and Ibrahim Atfays. Cairo: Dar Al-Kutub Al-Misriyyah.
Al-Tasuli, A. I. (1998). Al-Bahjah Fi Sharh al-Tuhfah: edited by Muhammad AbdulQadir Shahun,. Lebanon: Dar Al-Kutub Al-Ilmiyyah.
al-Ttasuli. (1998). al-Bahjah Fi Sharh al-Tuhfah. Lebanon: al-Maktabat al-Ilmiyyah.
Amirul Faiz Osman, S. N. (2012). DETERMINANTS OF CASH WAQF GIVING IN MALAYSIA: SURVEY OF SELECTED WORKS.
Awqaf General Secretariat . (2011). Awqaf General Secretariat . Retrieved July 2, 2014, from Awqaf General Secretariat Web site: http://awqafshj.gov.ae/ar/projdetails.aspx?id=5
Cizacka, M. (2004). INCORPORATED CASH WAQFS AND MUDARABA, ISLAMIC NON-BANK. Paper submitted during the International Seminar on Non-bank Financial Institutions, Kuala.
Cizakca, M. (n.d.).Muslim Heritage. Retrieved July 2, 2014, from Muslim Heritage Web Site: http://muslimheritage.com/article/ottoman-cash-waqfs-revisited-case-bursa-1555-1823
Hassan, S. K. (2012). Waqf Laws & Management (with Special Reference to Malaysia). New Delhi, India: Institute of Objective Studies, .
Hilary, S. S. (2006). Land, Law, Islam: Property and Human Rights in the Muslim World. London, UK: Zed Books Ltd.
Hillstrom, K., & Hillstrom, L. C. (2002). Encyclopedia of Small Business: second edition. New York: Thomson Learning.
Hisham, A. M. (1411H). al-Sirah al-Nabawiyyah Li Ibn Hisham. Beirut: Dar al Jil.
Husain, A.-Q. A. (2000). Al-Ahkam Asultaniyyah. Beirut: Dar al-Kutub al-Ilmiyyah.
Ibn Abd al-Barr, A. U. (1287). Al-Tamheed Lima Fi al-Muwatta Min al-Ma’aniwalasaneed,. Morocco: Ministry of Awqaf and Islamic Affairs.
Ibn Abidin. (2000). Hashiyat Ibn Abidin. Damascus: Dar al-ThaqafatWa Al-Turath.
Ibn Hisham, A. M. (1411H). Al-Sirah al-Nabawiyyah Li Ibn Hisham. Beirut: Dar al Jil.
Ibn Ibrahim, I. N.-D. (1997). Al-Bahr Al-Raiq. Beirut: Dar Al-Kutub Al-Ilmiyyah.
Ibn Nujaym. (n.d). Al-Bahr Al-Raiq Sharh Kanz Al-Daqaiq v. 5. Cairo: Dar Al-Kitab Al-Islami.
Ibn Qudamah. (n.d). Al-Mughni, Washarh al-Kabir. Beirut: Dar Al-Fikr.
Ibrahim, H., Nor, E., & Muhammad, J. (2013). Cash Waqf And Its Development In The Northern Region Of Malaysia. The 4th International Conference On Business And Economic Research (4TH ICBER 2013) 04 - 05 MARCH 2013. Bandung, Indonesia: ICBER.
Imam Malik. (n.d). Al-mudawannah Al-Kubra. Beirut: Dar al-Kutub al-Ilmiyyah.
IsDB. (2014, 07 07). Islamic Solidarity Fund for Development (ISFD). Retrieved from Islamic Development Bank: http://www.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IDB/CM/ISFD/ISFD_brief.html
Kahf, M. (n.d). Waqf: A Quick Overview.
Kilby, P. (1971). Entrepreneurship and economic development. Free Press.
Leikem, K. (2012). Microfinance: A Tool for Poverty Reduction? Senior Honors Projects.Paper 300. United States: University of Rhode Islands Digital Commons.
Mahamood, S. (2007b). Pembentukan Dana Wakaf Menurut Perspektif Syariah Undang Undang Serta Aplikasinya di Malaysia. Jurnal Syariah, 15(2) , 61-83.
Mahamood, S. M. (2007). Pembentukan dana wakaf menurut perspektif syariah dan undang-undang serta aplikasinya di Malaysia. Jurnal Syariah, 15(2), 61-83.
Mannan, M. (1999). Cash-waqf Certificate : Global Opportunities for Developing the Social Capital Market in 21st Voluntary-sector Banking. Third Harvard University Forum on Islamic Finance: Local Challenges, Global Opportunities (pp. 243-256). Cambridge, Massachusetts.: Center for Middle Eastern Studies, Harvard University.
Ministry of Awqaf and Islamic Affairs. (1427AH). Al-Mausuat al-Fiqhiyyah al-Kuwaitiyyah, v.41, . Kuwait: Ministry of Awqaf and Islamic Affairs.
Ministry of Awqaf and Religous Affairs. (n.d.). Ministry of Awqaf and Religous Affairs. Retrieved from Ministry of Awqaf and Religous Affairs Web Site: http://mara.gov.om
Muamalat, W. S. (n.d.). Bank Muamalat Malaysia Berhad. Retrieved July 2, 2014, from Bank Muamalat Malaysia Berhad Website: http://www.muamalat.com.my/images/consumer/wakaf-selangor/launch-wakaf/index.html
Muhammad, A.-M. A.-H. (n.d). Al-Ahkam Asultaniyyah. Cairo: Dar Al-Hadith.
Muhammad, A.-Z. K.-D. (2002). Al-A’lam. Lebanon: Dar Al-Ilm Li Almalayeen.
Muslim. (n.d). Sahih Muslim. Beirut: Dar Ihyau Al-Turath Al-Arab.
Muslim. (n.d.). Sahih Muslim. Beirut.
OIC Fiqh Academy. (2014, 01 27). Fiqh Academy. Retrieved from Fiqh Academy: http://www.fiqhacademy.org.sa/qrarat/15-6.htm
Osman, A. F. (2012). Determinants Of Cash Waqf Giving In Malaysia: Survey Of Selected Works. Malaysia.
Osman, A. F., Htay, S. N., & Mohamed, M. O. (2012). Determinants of cash waqf giving in Malaysia: survey of selected works. Medan, Indonesia: Workshop Antarbangsa Pembangunan Berteraskan Islam V (WAPI-5), 10 Apr 2012, (Unpublished).
Perak state, P. (1959). Perak state Control of Wakaf Rules . Perak : Perak state.
Qutb al-Arabi. (2014). Qutb al-Arabi. Retrieved from mawhopon.net: http://mawhopon.net/ver_ar/news-4222.htm, 2014.
Qutb Al-Arabi. (n.d.). Muassat Al-Mawhubun Wa Al- Ibtikar. Retrieved July 2, 2014, from Muassat Al-Mawhubun Wa Al- Ibtikar Web Site: http://mawhopon.net/ver_ar/news-4222.html
S.M, M. (2007). Pembentukan Dana Wakaf Menurut Perspektif Syariah Undang Undang Serta Aplikasinya di Malaysia. Jurnal Syariah, 61-83.
Sadeq, A. M. (2002). Waqf, perpetual charity and poverty alleviation. Emerald International Journal of Social Economics, 29 (1/2), 135 -151.
Sahih International.(n.d.).Quran.com . Retrieved July 2, 2014, from Quran.com Web site: http://quran.com/
Securities and Exchange Commission, Nigeria. (2012). Sec Nigeria. Retrieved June 27, 2014, from Sec Nigeria Web Site: http://www.sec.gov.ng/investment--securities-act-2007.html
Sharaf, A.-N. Y. (n. d). Rawdhatu Al-Talibin, . Egypt: Al-Maktabat Al-Tawqifiyyah.
The Glorious Quran. (n.d). The Glorious Quran.
Toraman, C., & Tuncsiper, B. (1999). Cash Awqaf in the Ottomans as Philanthropic Foundations And Their Accounting Practices. Cambridge, Massachusetts: Center for Middle Eastern Studies, Harvard University.
Usmani et al, T. (2010). Accounting And Auditing Organisation For Islamic Financial Institution. Bahrain: AAOIFI.
Yaala, A. (2000). Ahkam Asultaniyyah. Beirut: Dar al-Kutub al-Ilmiyyah.
YWM. (2014, 07 05). SOALAN-SOALAN LAZIM BERKAITAN YWM DAN WAKAF. Retrieved from Yayasan Waqaf Malaysia : https://www.ywm.gov.my/faq
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Published
2015-05-31
How to Cite
Ahmad, M. (2015). Cash Waqf: Historical Evolution, Nature and Role as an Alternative to Riba-Based Financing for the Grass Root. Journal of Islamic Finance, 4(1), 63–74. https://doi.org/10.31436/jif.v4i1.70
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