Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.

Temporary Waqf (Al-Waqf Al-Muʼaqat) is fast gaining momentum in contemporary financial transactions as a result of its validation by OIC-Fiqh Academy favoring the view of the Māliki’s school of law on the validity of temporary waqf. The research aims to develop an applicable framework for activating...

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Main Authors:	Ghalia, Bouhedda, saheed, Abdullahi Busari
Format:	Conference or Workshop Item
Language:	English
Published:	2018
Subjects:	HB Economic Theory KBP Islamic Law
Online Access:	http://irep.iium.edu.my/70560/ http://irep.iium.edu.my/70560/1/70560_Framework%20for%20Activating%20Temporary%20Waqf_complete.pdf

id	iium-70560
recordtype	eprints
spelling	iium-705602019-02-11T02:17:42Z http://irep.iium.edu.my/70560/ Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia. Ghalia, Bouhedda saheed, Abdullahi Busari HB Economic Theory KBP Islamic Law Temporary Waqf (Al-Waqf Al-Muʼaqat) is fast gaining momentum in contemporary financial transactions as a result of its validation by OIC-Fiqh Academy favoring the view of the Māliki’s school of law on the validity of temporary waqf. The research aims to develop an applicable framework for activating temporary waqf in Malaysian society. Despite the adoption of waqf in modern financial landscape, temporary waqf still lags behind perpetual waqf particularly with in Malaysia diverse market. Recently, the key statistic of household income & expenditure 2016, shows that the growth of poverty alleviation development program in Malaysia have improved by just 2% consequently because, there are large percentage of citizens who are financially excluded in accessing loans and benefits from banks and Takaful operators. These categories are either unemployed, aged or handicapped citizens which the temporary waqf can easily cater for. However, the Association of Valuers, (PEPS) of Malaysia have concurred with Bank Negara that unutilized properties within Malaysia is estimated as RM35.5bilions. These properties could have been employed for basic social financing among the financially excluded citizens. Hence, this study aims to explore the use of temporary waqf as a micro financing tool in potential areas such personal financing in education, health care and marriage contract. The study employs the inductive method in reviewing the available literature, and analytically examine the sharīʻah aspects of Certain waqf laws in in Johor, Selangor and Kelantan of Malaysia. Doing so, the framework will consider the possibility of extending the application of temporary waqf to all states within Malaysia. Therefore, the researchers deem it a matter of urgency to develop a framework for activation of temporary Waqf by mobilizing the use of unused assets and liquidity for providing primary health care services, funding education and aiding marriage consummation among Malaysian citizens. 2018-10 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/70560/1/70560_Framework%20for%20Activating%20Temporary%20Waqf_complete.pdf Ghalia, Bouhedda and saheed, Abdullahi Busari (2018) Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia. In: International Conference on Religion,Culture, and Governance in the Contemporary World (ICRG2018), October 3-4 2018, IIUM Gombak. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HB Economic Theory KBP Islamic Law
spellingShingle	HB Economic Theory KBP Islamic Law Ghalia, Bouhedda saheed, Abdullahi Busari Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
description	Temporary Waqf (Al-Waqf Al-Muʼaqat) is fast gaining momentum in contemporary financial transactions as a result of its validation by OIC-Fiqh Academy favoring the view of the Māliki’s school of law on the validity of temporary waqf. The research aims to develop an applicable framework for activating temporary waqf in Malaysian society. Despite the adoption of waqf in modern financial landscape, temporary waqf still lags behind perpetual waqf particularly with in Malaysia diverse market. Recently, the key statistic of household income & expenditure 2016, shows that the growth of poverty alleviation development program in Malaysia have improved by just 2% consequently because, there are large percentage of citizens who are financially excluded in accessing loans and benefits from banks and Takaful operators. These categories are either unemployed, aged or handicapped citizens which the temporary waqf can easily cater for. However, the Association of Valuers, (PEPS) of Malaysia have concurred with Bank Negara that unutilized properties within Malaysia is estimated as RM35.5bilions. These properties could have been employed for basic social financing among the financially excluded citizens. Hence, this study aims to explore the use of temporary waqf as a micro financing tool in potential areas such personal financing in education, health care and marriage contract. The study employs the inductive method in reviewing the available literature, and analytically examine the sharīʻah aspects of Certain waqf laws in in Johor, Selangor and Kelantan of Malaysia. Doing so, the framework will consider the possibility of extending the application of temporary waqf to all states within Malaysia. Therefore, the researchers deem it a matter of urgency to develop a framework for activation of temporary Waqf by mobilizing the use of unused assets and liquidity for providing primary health care services, funding education and aiding marriage consummation among Malaysian citizens.
format	Conference or Workshop Item
author	Ghalia, Bouhedda saheed, Abdullahi Busari
author_facet	Ghalia, Bouhedda saheed, Abdullahi Busari
author_sort	Ghalia, Bouhedda
title	Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
title_short	Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
title_full	Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
title_fullStr	Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
title_full_unstemmed	Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.
title_sort	framework for activating temporary waqf as contemporary social micro-financing tool in malaysia.
publishDate	2018
url	http://irep.iium.edu.my/70560/ http://irep.iium.edu.my/70560/1/70560_Framework%20for%20Activating%20Temporary%20Waqf_complete.pdf
first_indexed	2023-09-18T21:40:08Z
last_indexed	2023-09-18T21:40:08Z
_version_	1777413084805070848

Framework for activating temporary Waqf as contemporary social micro-financing tool in Malaysia.

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