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Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore

This paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various type of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The...

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Main Authors: Hajah Mustafa Mohd.Hanefah, Abdullaah Jalil, Asharas Mohd.Ramli, Hisham Sabri, Norhaziah Nawai, Syahidawati Shahwan
Format: Article
Language:English
Published: Universiti Sains Islam Malaysia 2015
Subjects:
Waqf property
Financing
Development
Cash Waqf
Online Access:http://ddms.usim.edu.my/handle/123456789/9033
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spelling my.usim-90332015-08-13T04:23:32Z Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore Hajah Mustafa Mohd.Hanefah Abdullaah Jalil Asharas Mohd.Ramli Hisham Sabri Norhaziah Nawai Syahidawati Shahwan Waqf property Financing Development Cash Waqf This paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various type of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern scheme and self-financing have been used by the authority to develop waqf properties. Interestingly, the development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte. Ltd.: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, modern a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial buildings in waqf land. This paper compares the financing methods adopted to develop waqf properties in Malaysia and Singapore. Recommendations are made as to the best form of financing that can be adopted in developing waqf properties in Malaysia. 2015-08-12T02:39:08Z 2015-08-12T02:39:08Z 2011 Article 1823072X http://ddms.usim.edu.my/handle/123456789/9033 en JMIFR-Vol.8, No.1, 2011; Universiti Sains Islam Malaysia
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
language English
topic Waqf property
Financing
Development
Cash Waqf
spellingShingle Waqf property
Financing
Development
Cash Waqf
Hajah Mustafa Mohd.Hanefah
Abdullaah Jalil
Asharas Mohd.Ramli
Hisham Sabri
Norhaziah Nawai
Syahidawati Shahwan
Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
description This paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various type of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern scheme and self-financing have been used by the authority to develop waqf properties. Interestingly, the development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte. Ltd.: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, modern a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial buildings in waqf land. This paper compares the financing methods adopted to develop waqf properties in Malaysia and Singapore. Recommendations are made as to the best form of financing that can be adopted in developing waqf properties in Malaysia.
format Article
author Hajah Mustafa Mohd.Hanefah
Abdullaah Jalil
Asharas Mohd.Ramli
Hisham Sabri
Norhaziah Nawai
Syahidawati Shahwan
author_facet Hajah Mustafa Mohd.Hanefah
Abdullaah Jalil
Asharas Mohd.Ramli
Hisham Sabri
Norhaziah Nawai
Syahidawati Shahwan
author_sort Hajah Mustafa Mohd.Hanefah
title Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
title_short Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
title_full Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
title_fullStr Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
title_full_unstemmed Financing The Development Of Waqf Property: The Experience Of Malaysian And Singapore
title_sort financing the development of waqf property: the experience of malaysian and singapore
publisher Universiti Sains Islam Malaysia
publishDate 2015
url http://ddms.usim.edu.my/handle/123456789/9033
_version_ 1645152523779047424
score 13.211869

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