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Development of Waqf n Mode of financing (WAQF FINANCING (1 cash waqf…
Development of Waqf n Mode of financing
perpetual charity that means holding certain property n preserving it for confined benefit of certain philanthropic purpose
waqf capital WAQF KHAIRI (moveable n immovable)
waqaf manafaah
special waqf
general waqf
WAQF FINANCING
1 cash waqf
cash that waqif allocate for waqf
dividend earned by indv/sirc/corp are channel to an associated waqf inst. (mutawalli) - managed n invest accumulated cash waqf
revenue generated will be directed to calculable project after operational expenses have been deducted
eg. Slangor Waqf Corp collab w/ Bank Muamalat , chanelled to healthcare n education sector
confinement of an amount of money or cash from founder, dedicate the usufruct, based on founder's condition, in perpetuity of welfare society
sbject to riba? money.
people hv more cash than property
imam malik - AGREED MOV AND IMMOV as sbject matter
imam zufar - jewelery also be subjected to waqf
imam sarakshi - MOV item as sbject matter
Hanafi - AGREED, property subject also, dirham, dinar, eg waqf nuqud
Shafie n Hanbali - discuss on validity of MOV N IMMOV
condition for money can be use for waqf (baharudin)
should be exchnge with property, which usufruct can be used
should sxchnge with fixed asset
money should valid
2 waqf share
eg, JCORP to WAQF ANNUR
SHARE FOR WAQF
issue certificate/share for waqf purpose
certificate repr plot of area/ size
eg, buy sahre that issued by mosque comm for waqf, to dvelop mosque
modern - REITS, ORDIANRY SHARE,
corp sector give their portion of share as waqf item
3 gov fund
govt allocate to religious council for development of waqf land
create new waqf properties, thru acquisition from govt
hosp. mosque, school
eg - King Abd Aziz Kingdom toward extension of MAsjidil Haram
eg - Msia to JAWHAR , orphanage, hotel, religious school
4 lease HUKR
using long term lease, instead of sell
nazer can sell a right for a long lease
monopoly/ exclusivity
SRCPP N SETEE AISHAH, develop housing project n shop lots on waqf land
5 sukuk waqf
mudarabah bond - bondholder (rabbul mal),
differences both, bondholder hv only right towards benfits of project but NOT CAPITAL APPRECIATION
islamic bond, asset backed, sukuk holder owned e proportionate beneficial ownership on e underlying asset
METHOD OF CASH WAQF COLLECTION
counter at Msia Waqf Foundation
cheque/postal order to Msia Waqf Foundation
salary deduction
collab with Bank
PRACTISE CASH WAQF IN MSIA
Imam Syafie - APPROVE e creation of waqf from NON MUSLIM even if it is for the purpose of mosque
Msia Waqf Foundation - transform into fixed asset as it will give continuos impact n benefit society
in Islam, perform waqf in form of waqf is allowable
ADV & DISAD USING CASH WAQF
adv
- 1.
easy
way (dynamic), 2. based on
financial ability
, 3. opportunity to involve
even without real estate
, 4.
collection
to use develop idle real estate
disad
- 1.
small collection
, take time to acquire fixed asset, 2. l
ack of knowledge
on legality
managing cash waqf instrument
associated waqf inst. (mutawalli), manage n invest cash accumulation, revenue generated will be directed to charitale projects after operational expenses deducted
transform to fixed asset (gneerate revenue) from cash waqf
dividend earned by state baitulmal, channel to waqf instu. (collab with bank, cash waqf slangor muamalat)
the foundation create to keep revenue generated y fixed asset , (benefit of ummah, generate more return)