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Financing the Development of Old Waqf Properties

Classical Principles and Innovative Practices around the World

Financing the Development of Old Waqf Properties by Magda Ismail Abdel Mohsin
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The institution of waqf played a major role in early Islamic civilization. It involves every aspect of socio-economic life in the Muslim world. Because there is no clear legal reference to the waqf in the Qur'an, early Muslim jurists relied on the Sunnah of the Prophet (pbuh) and the actions of his companions to derive its laws. Being a deduced law, this allows a certain measure of flexibility in deriving its law from the different schools of law, to suit the different needs arising within the different Muslim societies. However, the last century witnessed its destruction for many social and political reasons. Hence its role becomes idle and unproductive in almost all Muslim countries, a situation where huge number of old waqf properties was left idle and undeveloped, and hence founders' conditions were not fulfilled for many years and also the rights of the beneficiaries were not met. The revival of this institution within the last two decades shows optimism approached in galvanizing its socio-economic role again through adopting its flexible shariah measures and providing innovative modes of finance that succeeded in redeveloping old waqf properties and extending their role to include new beneficiaries. The book's main objective is to present as much as possible the different successful cases in making a revolution reform of the idle waqf properties in Muslim and Muslim minority countries into productive ones today. These reforms include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the mass, taking care of the health of the people, and sheltering the poor and needy in the different countries. Countries under studies are; Sudan, Turkey, Malaysia, Indonesia, Singapore, New Zealand, Kuwait, Oman, Qatar, Iran and the IDB role in financing some of the old waqf properties in different countries.
Palgrave Macmillan US; October 2016
289 pages; ISBN 9781137581280
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Title: Financing the Development of Old Waqf Properties
Author: Magda Ismail Abdel Mohsin; Hisham Dafterdar; Murat Cizakca; Syed Othman Alhabshi; Shaikh Hamzah Abdul Razak; Seyed Kazem Sadr; Thamina Anwar; Mohammed Obaidullah
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