Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore

The institution of waqf in Singapore is limited from playing a broader developmental role in society, especially with respect to the ethnic Malay community who consistently underperformed when measured against key socio-economic indicators. It maintains a largely religious orientation, as evidenced...

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Main Authors:	Mohammad Hamber, Norliana, Mohamed Haneef, Mohamed Aslam
Format:	Article
Language:	English English
Published:	King Abdulaziz University Scientific Publishing Center 2017
Subjects:	H Social Sciences (General) HG Finance
Online Access:	http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/1/57335_Waqf-based%20social%20micro_article.pdf http://irep.iium.edu.my/57335/2/57335_Waqf-based%20social%20micro_SCOPUS.pdf

id	iium-57335
recordtype	eprints
spelling	iium-573352020-02-17T04:31:34Z http://irep.iium.edu.my/57335/ Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore Mohammad Hamber, Norliana Mohamed Haneef, Mohamed Aslam H Social Sciences (General) HG Finance The institution of waqf in Singapore is limited from playing a broader developmental role in society, especially with respect to the ethnic Malay community who consistently underperformed when measured against key socio-economic indicators. It maintains a largely religious orientation, as evidenced by the launch of Wakaf Ilmu for Islamic education in 2012. As a way of reinvigorating its developmental role to be in sync with the current needs of the Malay community in Singapore, this paper proposed the establishment of a waqf-based social micro venture fund (WSMVF) that promotes inclusive financial development for microentrepreneurs. This would help strengthen the community’s economic status, amidst existing efforts on education, social and religious fronts. It reduces vulnerabilities of low-income families, strengthens their earning capability and promotes upward social mobility. This paper looked at charitable institutions which practice innovative and progressive forms of giving that the WSMVF could adopt. Resultantly, WSMVF is conceptualized based on the content analysis of cash waqf operations, profit and loss sharing modes and venture capital strategies. The organizational structure and operations of WSMVF bring new features into the present institution of waqf in Singapore, effectively expanding its role in the community King Abdulaziz University Scientific Publishing Center 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/57335/1/57335_Waqf-based%20social%20micro_article.pdf application/pdf en http://irep.iium.edu.my/57335/2/57335_Waqf-based%20social%20micro_SCOPUS.pdf Mohammad Hamber, Norliana and Mohamed Haneef, Mohamed Aslam (2017) Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore. Journal of King Abdulaziz University, Islamic Economics, 30 (1). pp. 37-60. ISSN 7383-1018 E-ISSN 1658-4244 http://iei.kau.edu.sa/Files/121/Files/153872_30-01-03-Noorliana.pdf 10.4197/Islec.30-1.3
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	H Social Sciences (General) HG Finance
spellingShingle	H Social Sciences (General) HG Finance Mohammad Hamber, Norliana Mohamed Haneef, Mohamed Aslam Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
description	The institution of waqf in Singapore is limited from playing a broader developmental role in society, especially with respect to the ethnic Malay community who consistently underperformed when measured against key socio-economic indicators. It maintains a largely religious orientation, as evidenced by the launch of Wakaf Ilmu for Islamic education in 2012. As a way of reinvigorating its developmental role to be in sync with the current needs of the Malay community in Singapore, this paper proposed the establishment of a waqf-based social micro venture fund (WSMVF) that promotes inclusive financial development for microentrepreneurs. This would help strengthen the community’s economic status, amidst existing efforts on education, social and religious fronts. It reduces vulnerabilities of low-income families, strengthens their earning capability and promotes upward social mobility. This paper looked at charitable institutions which practice innovative and progressive forms of giving that the WSMVF could adopt. Resultantly, WSMVF is conceptualized based on the content analysis of cash waqf operations, profit and loss sharing modes and venture capital strategies. The organizational structure and operations of WSMVF bring new features into the present institution of waqf in Singapore, effectively expanding its role in the community
format	Article
author	Mohammad Hamber, Norliana Mohamed Haneef, Mohamed Aslam
author_facet	Mohammad Hamber, Norliana Mohamed Haneef, Mohamed Aslam
author_sort	Mohammad Hamber, Norliana
title	Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
title_short	Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
title_full	Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
title_fullStr	Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
title_full_unstemmed	Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore
title_sort	waqf-based social micro venture fund: a proposal for the malay-muslim community in singapore
publisher	King Abdulaziz University Scientific Publishing Center
publishDate	2017
url	http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/ http://irep.iium.edu.my/57335/1/57335_Waqf-based%20social%20micro_article.pdf http://irep.iium.edu.my/57335/2/57335_Waqf-based%20social%20micro_SCOPUS.pdf
first_indexed	2023-09-18T21:21:02Z
last_indexed	2023-09-18T21:21:02Z
_version_	1777411882571792384

Waqf-based social micro venture fund: a proposal for the Malay-muslim community in Singapore

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