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An assessment of using sukuk for waqf property development in India

The purpose of this study is to assess the viability of using Sukuk as a tool for financing the development of waqf properties in India. Using different reports, literature, and considering Indian Waqf Act, this study introduces Sukuk for waqf property development in India. Critical analysis of case...

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Main Authors: Jasir Mohtesham, Mohammed Meeran, Syed Azman, Syed Marwan Mujahid, Hai, Abdul, Shahid, Mohd
Format: Article
Language:English
Published: IIUM Press 2021
Subjects:
HG Finance
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/90561/7/90561_An%20assessment%20of%20using%20sukuk%20for%20waqf%20property%20development%20in%20India.pdf
http://irep.iium.edu.my/90561/
https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/530/231
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spelling my.iium.irep.905612021-07-05T23:32:42Z http://irep.iium.edu.my/90561/ An assessment of using sukuk for waqf property development in India Jasir Mohtesham, Mohammed Meeran Syed Azman, Syed Marwan Mujahid Hai, Abdul Shahid, Mohd HG Finance HG3368 Islamic Banking and Finance The purpose of this study is to assess the viability of using Sukuk as a tool for financing the development of waqf properties in India. Using different reports, literature, and considering Indian Waqf Act, this study introduces Sukuk for waqf property development in India. Critical analysis of case studies of successfully employed waqf property development in Saudi Arabia and Singapore is also undertaken. From the various literature and reports, this paper finds that there is a huge economic potential for Indian waqf properties. However, due to several issues, one of them being a financial issue, waqf in Indian is unable to achieve its potential. Furthermore, the study also finds that there is a possibility to introduce Mudharabah Sukuk for this purpose. As Indian Waqf Act prohibits the sale, gift, or transfer of the waqf properties, Mudharabah can be the best suitable tool for financing the development of waqf properties. This study is conceptual in nature. Further studies can consider empirical research that considers factors such as awareness, knowledge, perception, and readiness to invest in Sukuk. The findings from this paper can be used to introduce Sukuk for waqf property development in India. The successful implementation will lead to the revitalisation of waqf properties in the country which will eventually result in the upliftment of Muslim society from social and educational backwardness and benefit them at-large. This paper also provides information about the potential of Indian waqf properties which very essential for the investors in Sukuk. This study is the first one to talk about the Sukuk for waqf property development in India. IIUM Press 2021-04-30 Article PeerReviewed application/pdf en http://irep.iium.edu.my/90561/7/90561_An%20assessment%20of%20using%20sukuk%20for%20waqf%20property%20development%20in%20India.pdf Jasir Mohtesham, Mohammed Meeran and Syed Azman, Syed Marwan Mujahid and Hai, Abdul and Shahid, Mohd (2021) An assessment of using sukuk for waqf property development in India. Journal of Islamic Finance, 10 (1 (Special Issue)). pp. 85-91. ISSN 2289-2109 E-ISSN 2289-2117 https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/530/231
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 HG Finance
HG3368 Islamic Banking and Finance
spellingShingle HG Finance
HG3368 Islamic Banking and Finance
Jasir Mohtesham, Mohammed Meeran
Syed Azman, Syed Marwan Mujahid
Hai, Abdul
Shahid, Mohd
An assessment of using sukuk for waqf property development in India
description The purpose of this study is to assess the viability of using Sukuk as a tool for financing the development of waqf properties in India. Using different reports, literature, and considering Indian Waqf Act, this study introduces Sukuk for waqf property development in India. Critical analysis of case studies of successfully employed waqf property development in Saudi Arabia and Singapore is also undertaken. From the various literature and reports, this paper finds that there is a huge economic potential for Indian waqf properties. However, due to several issues, one of them being a financial issue, waqf in Indian is unable to achieve its potential. Furthermore, the study also finds that there is a possibility to introduce Mudharabah Sukuk for this purpose. As Indian Waqf Act prohibits the sale, gift, or transfer of the waqf properties, Mudharabah can be the best suitable tool for financing the development of waqf properties. This study is conceptual in nature. Further studies can consider empirical research that considers factors such as awareness, knowledge, perception, and readiness to invest in Sukuk. The findings from this paper can be used to introduce Sukuk for waqf property development in India. The successful implementation will lead to the revitalisation of waqf properties in the country which will eventually result in the upliftment of Muslim society from social and educational backwardness and benefit them at-large. This paper also provides information about the potential of Indian waqf properties which very essential for the investors in Sukuk. This study is the first one to talk about the Sukuk for waqf property development in India.
format Article
author Jasir Mohtesham, Mohammed Meeran
Syed Azman, Syed Marwan Mujahid
Hai, Abdul
Shahid, Mohd
author_facet Jasir Mohtesham, Mohammed Meeran
Syed Azman, Syed Marwan Mujahid
Hai, Abdul
Shahid, Mohd
author_sort Jasir Mohtesham, Mohammed Meeran
title An assessment of using sukuk for waqf property development in India
title_short An assessment of using sukuk for waqf property development in India
title_full An assessment of using sukuk for waqf property development in India
title_fullStr An assessment of using sukuk for waqf property development in India
title_full_unstemmed An assessment of using sukuk for waqf property development in India
title_sort assessment of using sukuk for waqf property development in india
publisher IIUM Press
publishDate 2021
url http://irep.iium.edu.my/90561/7/90561_An%20assessment%20of%20using%20sukuk%20for%20waqf%20property%20development%20in%20India.pdf
http://irep.iium.edu.my/90561/
https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/530/231
_version_ 1705056524847546368
score 13.211869

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