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Temporary waqf and perpetual benefit: a mathematical proof

Temporary waqf (Islamic pious foundation) possesses great unrealised potential of preserving maslahah (public interest) but to date, has not been given the attention it deserves. Temporary waqf is mostly accepted by the Maliki madhab (Islamic school of law) while in Malaysia, only Terengganu and the...

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Main Authors:	Azrai Azaimi Ambrose, Azniza Hartini, Peredaryenko, Margarita Sergeevna
Format:	Conference or Workshop Item
Language:	English
Published:	Department of Finance, Kulliyyah of Economics & Management Sciences International Islamic University Malaysia (IIUM) 2019
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/75739/7/75739%20abstract.pdf http://irep.iium.edu.my/75739/
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spelling	my.iium.irep.757392019-11-28T01:52:51Z http://irep.iium.edu.my/75739/ Temporary waqf and perpetual benefit: a mathematical proof Azrai Azaimi Ambrose, Azniza Hartini Peredaryenko, Margarita Sergeevna HG3368 Islamic Banking and Finance Temporary waqf (Islamic pious foundation) possesses great unrealised potential of preserving maslahah (public interest) but to date, has not been given the attention it deserves. Temporary waqf is mostly accepted by the Maliki madhab (Islamic school of law) while in Malaysia, only Terengganu and the Federal Territories recognise it. Using mathematical representations, a first in the waqf literature, this paper seeks to prove that temporary waqf can still provide perpetual benefit similar to that of permanent waqf. It is shown that so long as large enough number of similar mawqufs (corpus of waqf) are endowed at different periods in time for similar purpose, the benefit derived from these mawqufs can reach infinity, ceteris paribus. The existence of this possibility for temporary waqf to provide perpetual benefit, just like permanent waqf, may convince regulators, practitioners, and Islamic scholars to consider its wider implementation. Furthermore, the mathematical representations used in this study may motivate quantitative models to include temporary waqf and study its impact on real financial and economic settings. The overall hope of this paper is to reemphasize the importance of focus on perpetual nature of benefits (substance) rather than on perpetual nature of mawquf (form). This important shift in perspective has huge potential to tap into a vast amount of idle assets that could be used to advance social finance and social economy while ensuring the protection of maslahah as well as make the use of existing waqf assets more effective and productive. Department of Finance, Kulliyyah of Economics & Management Sciences International Islamic University Malaysia (IIUM) 2019 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/75739/7/75739%20abstract.pdf Azrai Azaimi Ambrose, Azniza Hartini and Peredaryenko, Margarita Sergeevna (2019) Temporary waqf and perpetual benefit: a mathematical proof. In: 1st International Conference on Financial Markets (ICFM 2019), 11th-12th July 2019, Kuala Lumpur.
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Azrai Azaimi Ambrose, Azniza Hartini Peredaryenko, Margarita Sergeevna Temporary waqf and perpetual benefit: a mathematical proof
description	Temporary waqf (Islamic pious foundation) possesses great unrealised potential of preserving maslahah (public interest) but to date, has not been given the attention it deserves. Temporary waqf is mostly accepted by the Maliki madhab (Islamic school of law) while in Malaysia, only Terengganu and the Federal Territories recognise it. Using mathematical representations, a first in the waqf literature, this paper seeks to prove that temporary waqf can still provide perpetual benefit similar to that of permanent waqf. It is shown that so long as large enough number of similar mawqufs (corpus of waqf) are endowed at different periods in time for similar purpose, the benefit derived from these mawqufs can reach infinity, ceteris paribus. The existence of this possibility for temporary waqf to provide perpetual benefit, just like permanent waqf, may convince regulators, practitioners, and Islamic scholars to consider its wider implementation. Furthermore, the mathematical representations used in this study may motivate quantitative models to include temporary waqf and study its impact on real financial and economic settings. The overall hope of this paper is to reemphasize the importance of focus on perpetual nature of benefits (substance) rather than on perpetual nature of mawquf (form). This important shift in perspective has huge potential to tap into a vast amount of idle assets that could be used to advance social finance and social economy while ensuring the protection of maslahah as well as make the use of existing waqf assets more effective and productive.
format	Conference or Workshop Item
author	Azrai Azaimi Ambrose, Azniza Hartini Peredaryenko, Margarita Sergeevna
author_facet	Azrai Azaimi Ambrose, Azniza Hartini Peredaryenko, Margarita Sergeevna
author_sort	Azrai Azaimi Ambrose, Azniza Hartini
title	Temporary waqf and perpetual benefit: a mathematical proof
title_short	Temporary waqf and perpetual benefit: a mathematical proof
title_full	Temporary waqf and perpetual benefit: a mathematical proof
title_fullStr	Temporary waqf and perpetual benefit: a mathematical proof
title_full_unstemmed	Temporary waqf and perpetual benefit: a mathematical proof
title_sort	temporary waqf and perpetual benefit: a mathematical proof
publisher	Department of Finance, Kulliyyah of Economics & Management Sciences International Islamic University Malaysia (IIUM)
publishDate	2019
url	http://irep.iium.edu.my/75739/7/75739%20abstract.pdf http://irep.iium.edu.my/75739/
_version_	1651866007972610048
score	13.211869

Temporary waqf and perpetual benefit: a mathematical proof

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